guvendemir Everyone is a value investor in one form or another. That’s because nobody buys a stock on the mere fact that it’s expensive, but rather because they believe in the future value appreciation potential of the investment. One of the differentiating factors is the length of time one is willing to hold. For example, short-term day traders prefer volatility and would like to see quick share price appreciation, whereas long-term investors prefer to accumulate at value points and are willing to fors ...

Lockheed Martin (LMT 0.50%) trades at an attractive valuation with positive near-term earnings catalysts, but several factors could negatively affect its 2024. Does it all add to make the stock a buy? Here's the lowdown.Lockheed Martin in a yearWhen determining what kind of yearly return you might get from a stock, it's usually a good idea to picture a snapshot of how it will look to other investors this time next year. Based on Wall Street analysts, Lockheed Martin is an attractive stock to buy.For example ...

VanderWolf-Images Lockheed Martin (NYSE:LMT) is one of the largest and most well-respected defense contractors on earth. Responsible for a huge number of Land, Air, Sea, and Cyber combat systems in western arsenals today, the company plays an incredibly important role in the security and defense posture of much of the western-leaning world, including the United States and its allies. In the air, Lockheed manufactures the F-22 Raptor fighter jet, the F-35 Lightning stealth jet, and countless other helico ...

rancho_runnerIntroduction 53%. That's how much industrial exposure I have in my dividend (growth) portfolio, which holds almost my entire net worth. The S&P 500 has just 9% industrial exposure. Although industrial exposure is very cyclical, I have limited the cyclical risks of my portfolio, as more than half of my industrial exposure consists of defense companies. Roughly 26% of my portfolio consists of four aerospace and defense companies, led by Lockheed Martin (NYSE:LMT), which accounts for 8.2% of m ...

Lockheed Martin Corporation (NYSE:LMT) Q3 2023 Earnings Conference Call October 17, 2023 11:00 AM ET Company Participants Maria Ricciardone Lee - VP of IR Jim Taiclet - Chairman, President and CEO Jay Malave - CFO Conference Call Participants Doug Harned - Bernstein Cai von Rumohr - TD Cowen Kristine Liwag - Morgan Stanley George Shapiro - Shapiro Research David Straus - Barclays Kenneth Herbert - RBC Capital Markets Rob Stallard - Vertical Research Richard Safran - Seaport Research Partners Sheila Kahyaogl ...

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Financial Data and Key Metrics Changes - Q2 2023 sales reached $16.7 billion, an 8% increase year-over-year, with double-digit growth in aeronautics and space segments [5][19] - Backlog reached a record $158 billion, up $8 billion from year-end, with a book-to-bill ratio of 1.7 in the quarter [5][6] - Segment operating profit was $1.9 billion, reflecting an operating margin of 11.1% [5][20] - Free cash flow was $771 million, with a commitment to return almost double that to shareholders [6][20] - Full-year 2023 sales outlook raised to between $66.25 billion and $66.75 billion, with EPS expectations increased to between $27 and $27.20 per share [6][25] Business Line Data and Key Metrics Changes - Aeronautics sales increased by $1 billion, driven by higher volume on F-35, C-130, and classified programs, with operating profit up 17% year-over-year [21][22] - Missiles and Fire Control (MFC) sales were comparable to last year, with a backlog increase of $6.5 billion and a book-to-bill ratio of 3.3 [23] - Rotary and Mission Systems (RMS) sales declined 3% due to lower Black Hawk volume, partially offset by radar program growth [24] - Space segment sales increased by 12%, driven by development activity on Next-Gen Interceptor and classified programs, with operating profit up 15% [24] Market Data and Key Metrics Changes - The defense budget for FY 2024 is expected to grow by 3%, with funding for 83 F-35 aircraft and additional munitions investment [7] - International demand for F-35s is strengthening, with countries like the Czech Republic and Israel increasing their orders [8][14] Company Strategy and Development Direction - The company is focused on advancing technology and expanding production capacity, with significant investments in R&D and capital expenditures [6][19] - Long-term growth is supported by multiyear procurement authorities for several key programs, including HIMARS and PAC-3 [32][34] - The company is committed to its strategic initiatives, including 21st century security and 1LMX, to maintain industry leadership [27][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving higher expectations for 2023 and returning to growth sooner than anticipated [6][25] - The company is optimistic about the defense budget and ongoing support for its programs, despite potential delays in final approvals [7][8] - There is a focus on managing supply chain performance to meet growing demand, with a need to analyze supply capabilities [30][31] Other Important Information - The company is collaborating with Global Foundries to enhance semiconductor manufacturing capabilities [18] - The Skunk Works division is leading the development of next-generation military aviation technologies, including partnerships with NASA [11][15] Q&A Session Summary Question: Insights on backlog expansion and sustainability - Management indicated that backlog growth is strong, with confidence in returning to growth, but supply chain performance will be critical [30][31] Question: Impact of Tech Refresh 3 on cash flow - The impact per aircraft is estimated at $7 million, with efforts to offset this through other portfolio strengths [37][39] Question: CapEx expectations and working capital management - CapEx is expected to increase in the second half of the year, with a focus on maintaining working capital efficiency [43][44] Question: Space segment outlook and drivers - Improved outlook driven by earlier-than-anticipated ramps on several programs, including classified and international security space [46] Question: Clarification on F-35 engine upgrades - The decision on engine selection is a government responsibility, with Lockheed Martin providing performance data [48][49] Question: Backlog growth related to Ukraine - Much of the backlog is high confidence and expected to convert to sales, with ongoing discussions for multiyear contracts [62][63]

JAMES D. TAICLET Chairman, President and CEO Lockheed Martin JAY MALAVE Chief Financial Officer Corporation 2nd Quarter 2023 Conference Call July 18, 2023 Webcast login at: www.lockheedmartin.com/investor Webcast replay & podcast available by 2:00 p.m. ET July 18, 2023 at: www.lockheedmartin.com/investor Audio replay available from 2:00 p.m. ET July 18, 2023 through midnight July 19, 2023 LOCKHEED MARTIN PROPRIETARY INFORMATION Forward-Looking Statements ...

Lockheed Martin Corporation Conference Call Summary Company Overview - **Company**: Lockheed Martin Corporation (NYSE:LMT) - **Event**: Bernstein's 39th Annual Strategic Decisions Conference 2023 - **Date**: June 1, 2023 - **Participants**: - James Taiclet - Chairman, President and CEO - Jesus Malave - Chief Financial Officer - Douglas Harned - Bernstein Research Analyst Key Industry Insights Opportunities from the Ukraine Conflict - The Ukraine conflict has highlighted the need for rapid production capabilities in the defense industry, revealing that current production systems are insufficient to meet urgent demands [4][6] - High utilization rates of guided munitions have exceeded prior expectations, indicating a need for increased production capacity [4] - The integration of digital technology in military operations has proven effective, with Ukraine's adaptation serving as a model for other military services [5] - The effectiveness of allied responses and interoperability among NATO allies has been emphasized as a critical learning point [5] Strategic Initiatives - Lockheed Martin aims to enhance the resilience of its defense production system to absorb shocks and respond to increased demand [6][7] - The company is advocating for multi-year contracts and long lead-time supply agreements to facilitate rapid production increases when necessary [7] - A focus on "21st century security" involves collaboration with commercial technology leaders to integrate digital techniques into national defense [8] - Lockheed Martin is pursuing a global production and sustainment strategy to enhance operational efficiency and responsiveness [9] Financial Outlook Budget and Growth Projections - The President's budget supports Lockheed Martin's production goals, particularly for the F-35 program, with sufficient funding to meet the target of 156 aircraft per year [11][12] - The company anticipates a 3% growth in defense spending over the next two years, which is favorable for Lockheed Martin [12] - Lockheed Martin's backlog at the end of 2022 was $150 billion, with an 11% growth in 2022, indicating strong demand across its portfolio [16] - Expected growth in 2024 is supported by solid orders, particularly in the Munitions and Fire Control (MFC) segment [17] Specific Program Insights - The F-35 program is projected to maintain a production value of approximately $18 billion, with production expected to be flat but sustainment growing at a 6% CAGR over five years [22][23] - The company is actively pursuing hypersonic technology development, with several programs in progress, including Conventional Prompt Strike and ARRW [54][55] - Lockheed Martin's space segment is transitioning from legacy programs to new opportunities, with a focus on proliferated constellations and partnerships [61][62] Challenges and Risks Supply Chain and Margin Pressures - Supply chain issues have impacted various programs, with challenges in ramping up production due to workforce shortages and system upgrades [47][50] - The MFC segment is facing margin pressures due to a classified program with negative margins, but overall margins are expected to stabilize [43][44] Future Bidding Strategy - Lockheed Martin's approach to bidding on future programs will remain disciplined, focusing on economic viability rather than aggressive pricing strategies [75] Conclusion - Lockheed Martin is well-positioned to capitalize on current defense spending trends and emerging opportunities in digital technology and hypersonics, while also navigating challenges in production and supply chain management. The company's strategic focus on resilience and global operations is expected to drive growth in the coming years.

Lockheed Martin Jim Taiclet Chairman, President and CEO Corporation Jay Malave Chief Financial Officer Bernstein’s 39th Annual Strategic Decisions Conference Thursday, June 1, 2023 10:00am to 10:50am ET ...