Lockheed Martin Corp. (LMT) has come up with mixed third-quarter 2024 results, wherein its bottom line comfortably surpassed the Zacks Consensus Estimate but the top line missed the same. However, on a yearover-year basis, both sales and earnings showed positive growth, backed by robust demand for LMT's products and services across all four of its business segments. The company ended the third quarter with cash and cash equivalents worth $3.15 billion compared with $1.44 billion at the end of 2023. The impr ...

ADANA, TURKIYE - OCTOBER 5: Turkiye's first astronaut Alper Gezeravci performs a demonstration ... [+] flight with an F-16 on the fourth day of Turkiye's premier technology and aerospace event TEKNOFEST, held at Adana Airport in Adana, Turkiye on October 5, 2024. The four-day event will feature competitions, air shows, exhibitions and workshops. The event has been organized by the Turkish Technology Team (T3) Foundation and the Turkish Industry and Technology Ministry jointly since 2018, in cooperation with ...

If you want full access to all our reports, data and investing ideas, join The Aerospace Forum , the #1 aerospace, defense and airline investment research service on Seeking Alpha, with access to evoX Data Analytics, our inhouse developed data analytics platform. Lockheed Martin (NYSE: LMT ) reported earnings on the 22 nd of October, and the results and outlook were not well received by investors. Lockheed Martin stock closed the trading day down more than 6% to $576.98. In this report, I will be Dhierin ru ...

Financial Data and Key Metrics Changes - Sales for Q3 2024 were $17.1 billion, up 1% year-over-year, with a normalized growth of 5% when accounting for delayed revenue recognition of approximately $700 million related to the F-35 program [12][4] - Segment operating profit increased by 3% year-over-year to $1.9 billion, with consolidated margins at 10.9% [12][4] - Free cash flow was $2.1 billion for the quarter, contributing to a year-to-date total of over $4.8 billion [13][4] - GAAP earnings per share rose to $6.80, reflecting a 1% increase year-over-year [12] Business Line Data and Key Metrics Changes - Aeronautics sales decreased by 3% year-over-year, primarily due to lower F-35 volume, while C-130 and F-16 programs partially offset this decline [17] - Missiles & Fire Control (MFC) saw an 8% increase in sales year-over-year, driven by production ramps in precision fires programs [19] - Rotary & Mission Systems (RMS) sales increased by 6% to $4.4 billion, primarily due to higher volume in integrated warfare systems and Sikorsky programs [20] - Space segment sales decreased slightly year-over-year, but operating profit increased by 5% due to a favorable mix [21] Market Data and Key Metrics Changes - The company ended Q3 with a record backlog of over $165 billion, reflecting a book-to-bill ratio of 1.3 [4][13] - MFC's book-to-bill ratio was a strong 2.7, contributing to a record backlog exceeding $40 billion [19] Company Strategy and Development Direction - The company is investing heavily in autonomy, AI, and digital technologies to enhance capabilities across its platforms, including the F-35 [6][7] - A teaming agreement with General Dynamics was signed for the production of solid rocket motors, aimed at increasing production capacity and strengthening the defense supply chain [8] - The company is expanding international collaborations to develop indigenous military capabilities in countries like Australia, Germany, Poland, and India [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future cash generation prospects, leading to a 5% increase in the quarterly dividend and an extension of share repurchase authorization [4] - The company anticipates sales growth of approximately 5% for 2024, with segment operating profit expected to reach approximately $7.475 billion [23] - Management highlighted the importance of maintaining production momentum despite ongoing negotiations for F-35 Lot 18 and 19 contracts [58] Other Important Information - The company delivered 48 F-35 aircraft in Q3 and expects to deliver between 90 to 110 aircraft in 2024 [5] - The U.S. defense budget is currently under a continuing resolution, which will fund government operations through December 20, 2024 [9] Q&A Session Summary Question: Current situation in tactical fighter world and NGAD - Management is preserving optionality based on U.S. government strategy for tactical fighter deployment and is investing in technologies for sixth-generation aircraft [30][32] Question: Ranking of segments for medium-term growth - MFC is expected to lead growth with high-single-digit growth, while other segments will see low-single-digit growth [36][37] Question: MFC margin performance - Year-to-date performance in MFC is better than the prior year, with a good quarter showing 14.4% margins [40][41] Question: Update on CCA and ARRW classified contract - The company is investing heavily in autonomy and AI for CCA, while the ARRW program has seen incremental risk and losses [45][47] Question: F-35 Lot 18 and 19 negotiations and cash implications - The company is managing the complexities of F-35 production and negotiations, emphasizing the importance of industry and government collaboration [58][63]

Key Takeaways Lockheed Martin missed revenue estimates as aerospace sales tumbled because of contractual and funding issues for its F-35 fighter jet. Still, the company revised its full-year profit outlook higher. Shares of Lockheed Martin fell from their all-time high set yesterday. Lockheed Martin (LMT) shares tumbled Tuesday as the defense contractor missed revenue estimates on a drop in aerospace sales. The company reported third-quarter revenue rose 1% year-over-year to $17.10 billion, while analysts s ...

Lockheed Martin (LMT) reported $17.1 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 1.3%. EPS of $6.84 for the same period compares to $6.77 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $17.28 billion, representing a surprise of -1.05%. The company delivered an EPS surprise of +5.72%, with the consensus EPS estimate being $6.47.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

Weak revenue growth mars an otherwise solid quarter. Lockheed Martin (LMT -5.38%) beat on earnings but missed on revenue because of F-35 delivery delays, and narrowed its full-year guidance. Investors were underwhelmed by the news, sending Lockheed shares down 5% as of 10:30 a.m. ET. A solid quarter beneath the surface Lockheed Martin, the world's largest defense contractor, earned $6.80 per share on sales of $17.1 billion in the third quarter. That's a mixed result relative to Wall Street's $6.50 per share ...

Lockheed Martin Corporation (LMT) reported third-quarter 2024 adjusted earnings of $6.84 per share, which beat the Zacks Consensus Estimate of $6.47 by 5.7%. The bottom line also rose 1% from the year-ago quarter's recorded figure of $6.77. The company reported GAAP earnings of $6.80 per share compared with $6.73 a year ago. The year-over-year bottom-line improvement can be attributed to solid sales growth and operating profit increase. Operational Highlights Net sales were $17.10 billion, which missed the ...

Lockheed Martin (LMT) came out with quarterly earnings of $6.84 per share, beating the Zacks Consensus Estimate of $6.47 per share. This compares to earnings of $6.77 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.72%. A quarter ago, it was expected that this aerospace and defense company would post earnings of $6.45 per share when it actually produced earnings of $7.11, delivering a surprise of 10.23%.Over the last four qu ...

Exhibit 99.1 News Release Lockheed Martin Reports Third Quarter 2024 Financial Results • Net sales of $17.1 billion, an increase of 1% year over year • Net earnings of $1.6 billion, or $6.80 per share • Cash from operations of $2.4 billion and free cash flow of $2.1 billion • $1.6 billion of cash returned to shareholders through dividends and share repurchases • Increased share repurchase authority by $3.0 billion to a total authorization of $10.3 billion • Increased quarterly dividend 5% to $3.30 per share ...