JAMES D. TAICLET Chairman, President and CEO Lockheed Martin JAY MALAVE Chief Financial Officer Corporation 4th Quarter 2023 Conference Call January 23, 2024 Webcast login at: www.lockheedmartin.com/investor Webcast replay & podcast available by 2:00 p.m. ET January 23, 2024 at: www.lockheedmartin.com/investor ...

BETHESDA, Md., Jan. 23, 2024 /PRNewswire/ -- The Lockheed Martin Corporation (NYSE: LMT) board of directors has authorized a first quarter 2024 dividend of $3.15 per share. The dividend is payable on March 29, 2024, to holders of record as of the close of business on March 1, 2024. About Lockheed MartinHeadquartered in Bethesda, Maryland, Lockheed Martin Corporation is a global security and aerospace company that employs approximately 122,000 people worldwide and is principally engaged in the research, desi ...

Shares of Lockheed Martin (LMT -4.16%) fell 4.2% on Tuesday as stronger-than-expected quarterly results from the defense and aerospace giant were overshadowed by its mixed outlook for the coming year. The market also appears concerned for the risk of delays surrounding the first deliveries of its next-gen F-35 fighter jets.A solid end to 2023 for Lockheed MartinFor Lockheed's fourth quarter of 2023, net sales declined 0.6% year over year to $18.87 billion, while its adjusted (non-GAAP) earnings increased 1. ...

Financial Data and Key Metrics Changes - Lockheed Martin reported full-year sales of $67.6 billion, a 2% increase year-over-year, with earnings per share (EPS) of $27.55 [6] - The company generated $6.2 billion in free cash flow for the year, with a year-over-year free cash flow per share percentage growth in the mid-single digits [6] - The company returned approximately 145% of free cash flow to shareholders, totaling over $9 billion through dividends and share repurchases combined [7][23] Business Line Data and Key Metrics Changes - **Aeronautics**: Fourth quarter sales were comparable year-over-year, with a 2% increase for the year driven by Skunk Works and F-16 production, while F-35 saw a low single-digit decline [26] - **Missiles and Fire Control (MFC)**: Sales decreased 4% year-over-year in the fourth quarter, with a 1% decline for the year due to program transitions and supplier cost timing [27] - **Rotary and Mission Systems**: Sales declined 2% in the quarter, but increased 1% for the year, driven by growth in radar and battle management systems [28] - **Space**: Sales increased 3% year-over-year in the fourth quarter and 9% for the year, with a backlog of $30 billion [29] Market Data and Key Metrics Changes - The U.S. defense budget is proposed at $886 billion for 2024, a 3% increase from 2023, which is expected to support Lockheed Martin's programs [11] - The company reported a record backlog of $161 billion, reflecting strong demand across all segments [6][25] Company Strategy and Development Direction - Lockheed Martin is focused on advancing its 21st Century security strategy, investing over $3 billion in research and development and capital in 2023 [6][7] - The company aims to enhance its supply chain resilience and broaden the defense industrial base through collaborations with commercial technology partners [8][9] - Lockheed Martin is transitioning towards a value-based pricing model to attract commercial tech companies into the defense sector [56][69] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning amidst converging demand cycles, anticipating continued growth in sales, profit, and free cash flow [25][34] - The company expects low single-digit sales growth in 2024, with free cash flow projected between $6 billion and $6.3 billion [7][34] - Management highlighted the importance of transparency regarding production capabilities and the need for realistic scheduling in technology integration [61] Other Important Information - Lockheed Martin's Aeronautics segment is targeting between 75 to 110 F-35 deliveries in 2024, with a focus on achieving TR-3 software acceptance [30][14] - The company is actively pursuing international partnerships to enhance interoperability and defense capabilities [10] Q&A Session Summary Question: Regarding Aero and F-35 margins for 2024 - Management indicated that lower favorable profit adjustments are expected, primarily due to the F-35 program and inflation impacts on the C-130 program [36] Question: Guidance for 2025 margins - Management suggested starting with the 10.5% total company margin guide for 2024 as a baseline for 2025, with gradual improvement expected [40] Question: Pension contribution schedule beyond 2024 - Management noted that no contributions are required in 2024, but approximately $1 billion is expected in 2025, with considerations for potential early contributions [43] Question: Impact of government budget delays on 2024 guidance - Management stated that the guidance is not significantly impacted, but extended delays beyond March could complicate sales conversions [45] Question: Expectations for F-35 deliveries and inventory - Management confirmed that most F-35 deliveries are expected in the second half of the year, with a handful in the first half [50] Question: Competitive environment and contracting approach - Management emphasized a disciplined pricing strategy and a shift towards value-based pricing to mitigate risks associated with government contracting [55][57]

Lockheed Martin Corporation (LMT) reported fourth-quarter 2023 adjusted earnings of $7.90 per share, which beat the Zacks Consensus Estimate of $7.26 by 8.8%. The bottom line also improved 1.4% from the year-ago quarter's recorded figure.The company reported GAAP earnings of $7.58 per share compared with $7.40 in the prior-year period.Lockheed reported 2023 adjusted earnings of $27.82 per share, which beat the Zacks Consensus Estimate of $27.24 by 2.1%. The bottom line also rose 2.2% from the year-ago quart ...

For the quarter ended December 2023, Lockheed Martin (LMT) reported revenue of $18.87 billion, down 0.6% over the same period last year. EPS came in at $7.90, compared to $7.79 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $17.98 billion, representing a surprise of +4.96%. The company delivered an EPS surprise of +8.82%, with the consensus EPS estimate being $7.26.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- an ...

Lockheed Martin (LMT) came out with quarterly earnings of $7.90 per share, beating the Zacks Consensus Estimate of $7.26 per share. This compares to earnings of $7.79 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.82%. A quarter ago, it was expected that this aerospace and defense company would post earnings of $6.66 per share when it actually produced earnings of $6.77, delivering a surprise of 1.65%.Over the last four qua ...

About this content About Jeremy Cutler Jeremy has worked extensively in the world of financial journalism as a reporter at ICV News, deputy editor at S&P Marketscope and as a senior reporter for Thomson Financial’s Marketeye.  A qualified accountant, former finance director and with a degree in Economics, Jeremy is well placed to analyse and explain the ups and downs of UK, European and US stockmarkets in Proactive’s daily market report Read more About the publisher Proactive financial news and online br ...

Lockheed Martin Corp.’s stock LMT, +0.22% dipped 0.1% in premarket trading on Tuesday after the defense contractor’s fourth-quarter earnings beat analyst estimates, but the company said its 2024 sales could fall short of consensus at the lower end of its range. Lockheed Martin said its net income for the three months ending Dec. 31 fell to $1.87 billion, or $7.58 a share, from $1.91 billion, or $7.40 a share, in the year-ago quarter. The company beat the FactSet consensus estimate of $7.29 a share. Fourth- ...

With tensions around the world appearing higher than they’ve been in years and with multiple high-intensity conflicts raging, many have held onto the belief that the U.S. defense stocks – key cogs in the machine commonly known as the “military-industrial complex” – will easily reach new all-time highs.Indeed, in the final quarter of 2023, many elected officials – well-known as savvy investors due to either their uncanny abilities or access to insider information – have been heavily investing in these stocks ...