Lockheed Martin Corporation Q3 Earnings Report

Lockheed Martin Corporation reported third-quarter earnings that surpassed analyst expectations, while revenue fell short of estimates. The defense contractor also provided guidance for fiscal year 2024 that exceeded Wall Street projections.

Financial Highlights

• Adjusted Earnings Per Share (EPS): $6.84
  (analyst consensus: $6.50, beat by $0.34)
• Revenue: $17.1 billion
  (consensus estimate: $17.37 billion, missed)

FY 2024 Guidance

Looking ahead, Lockheed Martin lifted its fiscal year 2024 EPS forecast to $26.65, above the analyst consensus of $26.44. The company also raised its FY2024 revenue outlook to $71.25 billion from $70.5 to $71.5 billion, surpassing the consensus estimate of $71.06 billion.

CEO Comments

Jim Taiclet, Chairman, President, and CEO of Lockheed Martin, stated:
> "In the third quarter, we advanced our strategic, operational and financial priorities, as demonstrated by our record backlog of more than $165 billion, 48 F-35 deliveries, increased production on missile programs, and $2.1 billion of free cash flow generation."

He also emphasized the company's focus on driving free cash flow per share growth to generate returns for shareholders.

Stock Market Response

Following the earnings release, the company's stock edged up 0.44%, indicating a muted market response to the mixed results and upbeat guidance.