In February 2024, investors were reminded why the space economy matters, and why it’s a good time to consider the top space stocks. The United States returned to the moon with the privately built Nova C Odysseus lander. And the lander was launched from a SpaceX Falcon 9 rocket.  Although the mission wasn’t perfect, it does provide a glimpse of what’s possible in space exploration. The next race to send humans to the moon is on. And the idea of sending a manned mission to Mars no longer seems like science fi ...

LISBON, PORTUGAL - APRIL 25: Portuguese Air Force F-16 M Fighting Falcons fly over Praça do Comercio ... [+] during the military parade that opens the official ceremonies in celebration of the 50th anniversary of 1974 Carnation Revolution (Revolução dos Cravos) on April 25, 2024 in Lisbon, Portugal. (Photo by Horacio Villalobos#Corbis/Getty Images)Getty ImagesLockheed Martin Lockheed Martin (NYSE: LMT) recently reported its Q1 results, with revenues and earnings above the street estimates. The company repor ...

As an investor with significant positions in equities, I am an optimist. However, it’s important to be realistic at the same time. This helps in readjusting the portfolio depending on macroeconomic, geopolitical, and other headwinds. In my view, potential delay in rate cuts is likely to make the market nervous as it might imply a hard landing for the economy. I would therefore look at stocks to buy for a market crash.I must however add that I see the first-rate cut coming before the Presidential elections. ...

Sales and Revenue - Net sales for Q1 2024 were $17.195 billion, with 75% from the U.S. Government, 24% from international customers, and 1% from U.S. commercial and other customers[111] - Product sales increased by $1.7 billion (13%) in Q1 2024 compared to Q1 2023, driven by higher sales in Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), Aeronautics, and Space segments[124] - Service sales increased by $399 million (15%) in Q1 2024 compared to Q1 2023, primarily due to higher volume in Aeronautics, RMS, and Space segments[125] - Total net sales for Q1 2024 were $17.195 billion, up from $15.126 billion in Q1 2023, with Aeronautics leading at $6.845 billion, followed by Rotary and Mission Systems at $4.088 billion[143] - Aeronautics' net sales increased by $576 million (9%) to $6.845 billion in Q1 2024, driven by higher sales in the F-35, classified programs, and F-16 programs[156] - MFC's net sales increased by $605 million (25%) to $2.993 billion in Q1 2024, primarily due to higher sales in tactical and strike missile programs and integrated air and missile defense programs[160] - RMS' net sales increased by $578 million (16%) to $4.088 billion in Q1 2024, driven by higher sales in IWSS, C6ISR, and Sikorsky helicopter programs[163] - Space's net sales increased by $310 million (10%) to $3.269 billion in Q1 2024, primarily due to higher sales in strategic and missile defense programs and national security space programs[166] Costs and Expenses - Cost of sales for products increased by $1.7 billion (16%) in Q1 2024 compared to Q1 2023, mainly due to higher volume and production ramp-up in MFC, Aeronautics, RMS, and Space segments[128] - Interest expense increased to $255 million in Q1 2024 from $202 million in Q1 2023, primarily due to the issuance of senior unsecured notes in January 2024 and May 2023[132] - Non-service FAS pension income decreased to $16 million in Q1 2024 from $110 million in Q1 2023, primarily due to lower prior service credit amortization and a reduced asset base[133] - The effective income tax rate was 15.8% in Q1 2024, up from 15.3% in Q1 2023, benefiting from R&D tax credits and foreign-derived intangible income deductions[135] - The Tax Cuts and Jobs Act of 2017 is expected to increase the company's 2024 cash tax liability by approximately $350 million due to the amortization of R&D expenditures over five years[137] - Net cash used for investing activities increased by $113 million in Q1 2024 compared to Q1 2023, with capital expenditures totaling $378 million in Q1 2024 and $294 million in Q1 2023[182] Profit and Earnings - Net earnings for Q1 2024 were $1.5 billion ($6.39 per share), down from $1.7 billion ($6.61 per share) in Q1 2023, with EPS benefiting from a 14.1 million reduction in weighted average common shares outstanding[140] - Total business segment operating profit for Q1 2024 was $1.745 billion, slightly up from $1.682 billion in Q1 2023, with Aeronautics contributing $679 million[143] - The company's consolidated operating profit for Q1 2024 was $2.029 billion, slightly down from $2.037 billion in Q1 2023, with unallocated items totaling $284 million[143] - Favorable profit booking rate adjustments increased segment operating profit by $195 million in Q1 2024, compared to $415 million in Q1 2023, with a $100 million reach-forward loss recognized on a classified program at MFC[153] - Aeronautics' operating profit remained stable at $679 million in Q1 2024, with a $50 million increase in the F-16 program offset by a $30 million decrease in the F-35 program[158] - MFC's operating profit decreased by $66 million (18%) to $311 million in Q1 2024, primarily due to a $100 million reach-forward loss on a classified program and unfavorable profit adjustments on HELLFIRE[161] - RMS' operating profit increased by $80 million (23%) to $430 million in Q1 2024, driven by higher profit in IWSS and Sikorsky helicopter programs[164] - Space's operating profit increased by $45 million (16%) to $325 million in Q1 2024, primarily due to higher equity earnings from ULA and increased profit in strategic and missile defense programs[167] Defense Budget and Orders - The U.S. Government's FY 2024 defense budget includes $886 billion for National Defense, with $842 billion allocated to the Department of Defense (DoD) base budget[112] - The FY 2025 budget request includes $895 billion for National Defense, with $850 billion for the DoD base budget, aligning with the Fiscal Responsibility Act (FRA) limits[113] - The company anticipates additional orders over the next several years due to the global threat environment, particularly for munitions replenishment and production ramp-up[117] - The Republic of Korea signed a follow-on LOA for 20 additional F-35s, increasing its program of record from 40 to 60[185] - The Czech Republic signed a LOA to procure 24 F-35s, and the U.S. Department of State approved a potential FMS to Greece for up to 40 F-35s[185] - Singapore announced its intent to purchase eight F-35As to complement the 12 F-35Bs previously committed[185] Supply Chain and Market Risks - Supply chain challenges, including supplier shortages and performance issues, have delayed customer deliveries and increased costs, impacting margins on certain programs[118] - The company's exposures to market risk, including foreign currency exchange rates, have not changed materially since December 31, 2023[190] Cash Flow and Financing - The company had $2.8 billion in cash and cash equivalents as of March 31, 2024, with no borrowings under its $3.0 billion revolving credit facility[169] - Free cash flow for Q1 2024 was $1.257 billion, slightly lower than the $1.270 billion in Q1 2023, with capital expenditures of $378 million[181] - Net cash provided by financing activities increased by $1.5 billion in Q1 2024 compared to Q1 2023, with $780 million paid in dividends and $1.0 billion used for share repurchases[183] - The company received $2.0 billion in net proceeds from the issuance of senior unsecured notes in Q1 2024[183] F-35 Program - The F-35 program backlog as of March 31, 2024, was 373 aircraft, with a production rate of approximately 156 aircraft per year[186] - The company has delivered 992 production F-35 aircraft since program inception, including 710 F-35A, 197 F-35B, and 85 F-35C variants[186] - Deliveries of F-35 aircraft with TR-3 capability are on hold, with customer acceptance targeted for Q2 2024 and deliveries expected to begin in Q3 2024[186] Other Income and Expenses - Other income (expense), net, was $36 million in Q1 2024 compared to a net expense of $9 million in Q1 2023, driven by higher earnings from equity method investments, particularly in ULA[131] - Other non-operating income, net was $45 million in Q1 2024, compared to $49 million in Q1 2023, primarily related to changes in the fair value of early-stage company investments[134] - The FAS/CAS pension operating adjustment was $406 million in Q1 2024, compared to $415 million in Q1 2023, reflecting the difference between FAS pension income and CAS pension cost[143][146]

Lockheed Martin Corporation (NYSE:LMT) Q1 2024 Earnings Conference Call April 23, 2024 11:00 AM ET Company Participants Maria Ricciardone - VP, Treasurer & IR Jim Taiclet - Chairman, President & CEO Jay Malave - CFO Conference Call Participants Doug Harned - Bernstein David Strauss - Barclays Peter Arment - Baird Matt Akers - Wells Fargo Ron Epstein - Bank of America Rob Spingarn - Melius Research Rob Stallard - Vertical Research George Shapiro - Shapiro Research Noah Poponak - Goldman Sachs Rich Safran - S ...

Lockheed Martin (LMT) came out with quarterly earnings of $6.33 per share, beating the Zacks Consensus Estimate of $5.80 per share. This compares to earnings of $6.43 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 9.14%. A quarter ago, it was expected that this aerospace and defense company would post earnings of $7.26 per share when it actually produced earnings of $7.90, delivering a surprise of 8.82%.Over the last four qua ...

JAMES D. TAICLET Chairman, President and CEO Lockheed Martin JAY MALAVE Chief Financial Officer Corporation 1st Quarter 2024 Conference Call April 23, 2024 Webcast login at: www.lockheedmartin.com/investor Webcast replay & podcast available by 2:00 p.m. ET April 23, 2024 at: www.lockheedmartin.com/investor ...

Lockheed Martin (LMT) reported $17.2 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 13.7%. EPS of $6.33 for the same period compares to $6.43 a year ago.The reported revenue represents a surprise of +6.21% over the Zacks Consensus Estimate of $16.19 billion. With the consensus EPS estimate being $5.80, the EPS surprise was +9.14%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Str ...

Lockheed Martin Corporation (LMT) reported first-quarter 2024 adjusted earnings of $6.33 per share, which beat the Zacks Consensus Estimate of $5.80 by 9.1%. The bottom line, however, declined 1.6% from the year-ago quarter's recorded figure of $6.43.The company reported GAAP earnings of $6.39 per share compared with $6.61 in the prior-year period.Operational HighlightsNet sales were $17.20 billion, which surpassed the Zacks Consensus Estimate of $16.19 billion by 6.2%. The top line also increased 13.7% fro ...

Key PointsLockheed Martin had a solid quarter supported by strength in all segments. The healthy balance sheet supports robust capital returns, including dividends and share-reducing buybacks.The company reaffirmed guidance, which may be overly cautious in light of geopolitical conflict and defense spending. 5 stocks we like better than Lockheed MartinLockheed Martin's NYSE: LMT stock price has trended higher for years, supported by robust defense spending and, more recently, conflict in Ukraine and the Mid ...