Deal Enables Rapid Development and Fielding of Mission-Ready Spacecraft   BETHESDA, Md., Oct. 30, 2024 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) has completed its previously announced acquisition of Terran Orbital, a leading manufacturer of innovative modular spacecraft serving the global aerospace and defense industries, and its subsidiary, Tyvak International. Lockheed Martin has worked with Terran Orbital on projects including Space Development Agency programs and Lockheed Martin's technology demonstra ...

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 ...

Core Insights - Lockheed Martin reported Q3 2024 revenues of $17.1 billion, a 1% year-over-year increase, and adjusted earnings of $6.84 per share, exceeding estimates of $17.0 billion and $6.50 respectively [2][3] Financial Performance - Aeronautics segment sales declined by 3% due to lower F-35 production contracts [2] - Missiles and Fire Control segment sales increased by 8% driven by higher production for Guided Multiple Launch Rocket Systems and Long Range Anti-Ship Missile programs [2] - Rotary and Mission Systems sales rose by 6% due to increased demand for integrated warfare systems and sensors [2] - Space segment revenue fell by 1% due to lower volume for the Orion program [2] - Operating margin improved by 40 basis points to 12.5%, contributing to a 1% year-over-year rise in earnings per share [2] Outlook and Valuation - Lockheed Martin raised its full-year sales outlook to $71.25 billion and earnings to $26.65 per share, up from previous guidance of $71.0 billion and $26.35 [2] - The company's valuation is estimated at $572 per share, based on a 21x P/E multiple, which is higher than its average P/E multiple of 17x over the last five years [4] Stock Performance - Despite better-than-expected earnings, Lockheed Martin's stock fell by 6% following the Q3 results due to a top-line miss against consensus estimates [3] - The stock has risen 29% year-to-date, outperforming broader market gains of 23% [5] - Lockheed Martin's stock performance has been volatile compared to the S&P 500 over the last three years [5]

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]

Core Insights - Lockheed Martin missed revenue estimates due to a decline in aerospace sales related to contractual and funding issues for the F-35 fighter jet [1] - Despite the revenue miss, the company raised its full-year profit outlook [2] - Shares of Lockheed Martin fell from their all-time high set the previous day [1] Financial Performance - The company reported third-quarter revenue of $17.10 billion, a 1% year-over-year increase, but below the expected $17.38 billion [1] - Earnings per share (EPS) were reported at $6.80, exceeding forecasts [1] - The Aeronautics unit sales decreased by 3% to $6.49 billion, primarily due to delays in F-35 funding [1] - Revenue from the Space division fell less than 1% to $3.08 billion, while the Missiles and Fire Control segment saw an 8% increase to $3.18 billion, and Rotary and Mission Systems unit revenue rose by 6% to $4.37 billion [1] Outlook Adjustments - The company raised its full-year EPS outlook to $26.65 from a previous range of $26.10 to $26.60 [2] - Revenue outlook was narrowed to $71.25 billion from a previous range of $70.50 billion to $71.50 billion [2] - Despite a decline of approximately 5% in shares, they remain up nearly 30% year-to-date [2]

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 ...