Lockheed Martin(LMT)

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Defense Stock Slipping on Billion-Dollar Loss
Schaeffers Investment Research· 2025-07-22 14:42
Core Insights - Lockheed Martin Corp (NYSE:LMT) experienced a significant decline of 8.4%, trading at $422, following a $1.6 billion loss related to classified programs, which severely impacted second-quarter profits [1] - The company has reduced its profit outlook for 2025 by 25% [1] Stock Performance - The $420 level has been a support point during the recent pullback, similar to previous months in April and February [2] - Since the beginning of 2025, LMT has decreased by 12%, with long-term pressure from the 160-day moving average limiting gains since November [2] Options Activity - Options trading has seen heightened activity, with 14,000 calls and 10,000 puts exchanged, which is six times the typical volume for this time of day [3] - The most popular option is the weekly 7/25 440-strike call, with new positions being opened [3] - Call traders have been more active than usual, as indicated by a 50-day call/put volume ratio of 4.75, ranking higher than 94% of readings from the past year [4]
洛克希德·马丁因16亿美元的费用下调盈利预期
news flash· 2025-07-22 13:47
Core Insights - Lockheed Martin's Q2 earnings fell short of analyst expectations, primarily due to a $1.6 billion charge related to a classified project and its Sikorsky helicopter division [1] - The company's operating profit decreased by 65% year-over-year to $748 million, with net sales of $18.16 billion, also missing market forecasts [1] - Nick Cunningham from London Agency Partners commented on the challenging environment for defense contractors, highlighting limited growth and the inability to absorb issues within such a large enterprise [1]
Lockheed Martin (LMT) Q2 Earnings Top Estimates
ZACKS· 2025-07-22 13:46
Lockheed Martin (LMT) came out with quarterly earnings of $7.29 per share, beating the Zacks Consensus Estimate of $6.49 per share. This compares to earnings of $7.11 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +12.33%. A quarter ago, it was expected that this aerospace and defense company would post earnings of $6.34 per share when it actually produced earnings of $7.28, delivering a surprise of +14.83%.Over the last four ...
Defense stocks report Q2 results: Here's what to know
CNBC Television· 2025-07-22 12:33
Morgan Brennan has uh the defense names on the move this morning after earnings. Dom Chu has some other key names to watch. Morgan, we'll start with you.All right, good morning, Andrew. Well, it's a mixed picture for defense today as those earnings get underway. North of Grman higher on a beat and a raise.The B2 bomber maker getting a boost from its Sentinel ballistic missile and B21 bomber programs. RTX though, that was lower down about 2% here in pre-market after trimming fullear profit guidance. higher c ...
X @Bloomberg
Bloomberg· 2025-07-22 12:00
Lockheed Martin reports second-quarter earnings that fell short of analyst estimates and lowered its outlook https://t.co/TIMPu1Qw9a ...
Lockheed Martin(LMT) - 2025 Q2 - Quarterly Results
2025-07-22 11:32
[Lockheed Martin Q2 2025 Financial Performance](index=1&type=section&id=Lockheed%20Martin%20Reports%20Second%20Quarter%202025%20Financial%20Results) This section provides an overview of Lockheed Martin's financial results for Q2 2025, highlighting significant program losses and their impact on earnings and cash flow [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) Lockheed Martin's Q2 2025 results show stable sales but a sharp decline in net earnings and cash flow due to nearly $1.8 billion in program losses Q2 2025 vs Q2 2024 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Sales | $18.2 billion | $18.1 billion | | Net Earnings | $342 million | $1.6 billion | | Diluted EPS | $1.46 | $6.85 | | Cash from Operations | $201 million | $1.9 billion | | Free Cash Flow | $(150) million | $1.5 billion | - The company recorded pre-tax program losses of **$1.6 billion** and other charges of **$169 million**, which collectively reduced earnings per share by **$5.83**[6](index=6&type=chunk) - Despite the poor results, the company returned **$1.3 billion** in cash to shareholders through dividends and share repurchases during the quarter[6](index=6&type=chunk) - The company reaffirmed its 2025 guidance for both sales and free cash flow[6](index=6&type=chunk) [Program Losses and Other Charges](index=2&type=section&id=Program%20Losses%20and%20Other%20Charges) The company recorded $1.615 billion in pre-tax program losses in Q2 2025, primarily from classified Aeronautics, CMHP, and TUHP programs Impact of Program Losses and Other Charges (Q2 2025, in millions) | Item | Impact | | :--- | :--- | | Aeronautics classified program loss | $(950) | | CMHP program loss | $(570) | | TUHP program loss | $(95) | | **Business segment operating profit impact** | **$(1,615)** | | Fixed asset write-off | $(66) | | **Consolidated operating profit impact** | **$(1,600)** | | **Net earnings impact** | **$(1,367)** | | **Diluted EPS impact** | **$(5.83)** | - Aeronautics experienced ongoing design, integration, and test challenges on a classified program, leading to a comprehensive review and a **$950 million** pre-tax loss[8](index=8&type=chunk) - Discussions with customers on the Canadian Maritime Helicopter Program (CMHP) and Türkish Utility Helicopter Program (TUHP) led to revised cost and sales estimates, resulting in pre-tax losses of **$570 million** and **$95 million**, respectively[9](index=9&type=chunk)[10](index=10&type=chunk) - Other charges included a **$66 million** write-off of fixed assets following the U.S. Air Force's NGAD down-select decision and a **$103 million** charge for uncertain tax positions[11](index=11&type=chunk) [Consolidated Financial Results](index=3&type=section&id=Summary%20Financial%20Results) Consolidated sales remained flat at $18.2 billion, but operating profit and cash from operations significantly declined due to program losses and working capital changes Summary Financial Results (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Sales | $18,155 | $18,122 | $36,118 | $35,317 | | Consolidated operating profit | $748 | $2,148 | $3,120 | $4,177 | | Net earnings | $342 | $1,641 | $2,054 | $3,186 | | Diluted earnings per share | $1.46 | $6.85 | $8.75 | $13.24 | | Cash from operations | $201 | $1,876 | $1,610 | $3,511 | | Free cash flow | $(150) | $1,506 | $805 | $2,763 | - The decrease in cash from operations was driven by an increase in working capital, specifically from production and invoice timing on the F-35 program, higher contract assets, increased Sikorsky inventory, and billing cycles in space programs[17](index=17&type=chunk) - Key cash activities in Q2 2025 included paying **$771 million** in dividends and repurchasing **$500 million** of shares[18](index=18&type=chunk) [2025 Financial Outlook](index=4&type=section&id=2025%20Financial%20Outlook) Lockheed Martin significantly lowered its 2025 profitability guidance due to Q2 charges, while maintaining sales and free cash flow forecasts 2025 Financial Outlook Update (in millions, except per share data) | Metric | Current Update | April 2025 Outlook | | :--- | :--- | :--- | | Sales | ~$73,750 - $74,750 | ~$73,750 - $74,750 | | Business segment operating profit | ~$6,600 - $6,700 | ~$8,100 - $8,200 | | Diluted earnings per share | ~$21.70 - $22.00 | ~$27.00 - $27.30 | | Cash from operations | ~$8,500 - $8,700 | ~$8,500 - $8,700 | | Free cash flow | ~$6,600 - $6,800 | ~$6,600 - $6,800 | - The outlook for Business Segment Operating Profit was lowered from **~$8.1 billion-$8.2 billion** to **~$6.6 billion-$6.7 billion**[20](index=20&type=chunk) - Diluted EPS guidance was reduced from **~$27.00-$27.30** to **~$21.70-$22.00**[20](index=20&type=chunk) [Segment Results](index=5&type=section&id=Segment%20Results) This section details the financial performance of Lockheed Martin's individual business segments, highlighting the impact of program losses [Aeronautics](index=6&type=section&id=Aeronautics) Aeronautics sales increased 2% to $7.4 billion, but the segment reported an operating loss of $98 million due to a $950 million classified contract loss Aeronautics Q2 Performance (in millions) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Sales | $7,420 | $7,277 | +2% | | Operating (loss) profit | $(98) | $751 | -113% | | Operating margin | (1.3%) | 10.3% | -11.6 pts | - The sales increase was primarily due to **$470 million** in higher volume on F-35 production contracts, partially offset by a **$360 million** unfavorable sales adjustment from the classified program loss[26](index=26&type=chunk) - The operating profit decrease of **$849 million** was attributable to the **$950 million** loss on the classified contract, which was partially offset by a **$90 million** increase on the F-35 program[27](index=27&type=chunk) [Missiles and Fire Control (MFC)](index=7&type=section&id=Missiles%20and%20Fire%20Control) MFC sales grew 11% to $3.4 billion, with operating profit up 6%, driven by increased production of tactical and strike missile programs MFC Q2 Performance (in millions) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Sales | $3,433 | $3,102 | +11% | | Operating profit | $479 | $450 | +6% | | Operating margin | 14.0% | 14.5% | -0.5 pts | - Sales increased by **$331 million** (**11%**), primarily due to a **$330 million** increase from the production ramp-up on JASSM, LRASM, and precision fires programs[29](index=29&type=chunk) - Operating profit increased by **$29 million** (**6%**), reflecting a **$35 million** gain from the production ramp-up and a **$25 million** gain from favorable contract mix, partially offset by a **$25 million** decrease in profit booking rate adjustments, mainly on PAC-3[30](index=30&type=chunk) [Rotary and Mission Systems (RMS)](index=8&type=section&id=Rotary%20and%20Mission%20Systems) RMS sales decreased 12% to $4.0 billion, resulting in an operating loss of $172 million, primarily due to $665 million in CMHP and TUHP program losses RMS Q2 Performance (in millions) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Sales | $3,995 | $4,548 | -12% | | Operating (loss) profit | $(172) | $495 | -135% | | Operating margin | (4.3%) | 10.9% | -15.2 pts | - Sales decreased by **$553 million** (**12%**), mainly due to **$370 million** in unfavorable cumulative adjustments from losses on the CMHP and TUHP programs[32](index=32&type=chunk) - Operating profit decreased by **$667 million** (**135%**), primarily due to a **$570 million** loss on CMHP and a **$95 million** loss on TUHP[33](index=33&type=chunk) [Space](index=9&type=section&id=Space) Space segment sales increased 4% to $3.3 billion, with operating profit up 5%, driven by commercial civil space and strategic missile defense programs Space Q2 Performance (in millions) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Sales | $3,307 | $3,195 | +4% | | Operating profit | $362 | $346 | +5% | | Operating margin | 10.9% | 10.8% | +0.1 pts | - Sales increased by **$112 million** (**4%**), driven by higher volume on the Orion program (**$115 million**) and strategic missile defense programs like NGI and FBM (**$80 million**)[34](index=34&type=chunk) - Operating profit increased by **$16 million** (**5%**), primarily due to a **$20 million** increase in profit booking rate adjustments from favorable performance on commercial civil space programs[35](index=35&type=chunk) [Supplementary Information and Financial Statements](index=10&type=section&id=Supplementary%20Information%20and%20Financial%20Statements) This section provides additional financial details, including income tax rates, non-GAAP measures, consolidated financial statements, and backlog information [Income Taxes](index=10&type=section&id=Income%20Taxes) The effective income tax rate for Q2 2025 increased to 18.0% due to higher interest expense on an uncertain tax position - The effective tax rate was **18.0%** in Q2 2025, compared to **15.8%** in Q2 2024[36](index=36&type=chunk) - The increase in the tax rate was primarily due to higher interest expense on the company's uncertain tax position[36](index=36&type=chunk) [Use of Non-GAAP Financial Measures](index=10&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The report uses non-GAAP measures like "business segment operating profit" and "free cash flow" to provide supplemental insights into performance and liquidity - The company uses non-GAAP financial measures such as business segment operating profit and free cash flow, which it believes are useful for evaluating financial performance[37](index=37&type=chunk) - Business segment operating profit represents operating profit before unallocated income and expense and is used by senior management to evaluate segment performance[38](index=38&type=chunk) - Free cash flow is defined as cash from operations less capital expenditures and is used to evaluate business performance, overall liquidity, and the amount of cash available for return to stockholders and creditors[40](index=40&type=chunk) [Consolidated Financial Statements](index=14&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements reflect the severe impact of program losses on Q2 profitability, with significant changes in working capital affecting cash flow [Consolidated Statements of Earnings](index=14&type=section&id=Consolidated%20Statements%20of%20Earnings) Q2 2025 Statement of Earnings shows flat sales but a sharp decline in gross and net earnings due to $1.6 billion in program losses Q2 2025 Consolidated Statement of Earnings (in millions) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Sales | $18,155 | $18,122 | | Gross profit | $734 | $2,130 | | Operating profit | $748 | $2,148 | | Earnings before income taxes | $417 | $1,948 | | Net earnings | $342 | $1,641 | [Consolidated Balance Sheets](index=16&type=section&id=Consolidated%20Balance%20Sheets) As of June 29, 2025, total assets increased to $58.9 billion and total liabilities to $53.5 billion, driven by changes in contract assets, receivables, and payables Consolidated Balance Sheet Highlights (in millions) | Account | June 29, 2025 | Dec. 31, 2024 | | :--- | :--- | :--- | | Total current assets | $23,988 | $21,849 | | Total assets | $58,870 | $55,617 | | Total current liabilities | $24,354 | $19,420 | | Total liabilities | $53,536 | $49,284 | | Total stockholders' equity | $5,334 | $6,333 | [Consolidated Statements of Cash Flows](index=17&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly decreased to $1.6 billion for the first six months of 2025, primarily due to increased working capital Six Months Ended Cash Flow Summary (in millions) | Activity | June 29, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,610 | $3,511 | | Net cash (used for) investing activities | $(1,145) | $(744) | | Net cash (used for) financing activities | $(1,655) | $(1,686) | | Net change in cash and cash equivalents | $(1,190) | $1,081 | [Other Financial and Operating Information](index=19&type=section&id=Other%20Financial%20and%20Operating%20Information) Total backlog decreased to $166.5 billion as of June 29, 2025, with key Q2 aircraft deliveries including 50 F-35s Backlog by Segment (in millions) | Segment | June 29, 2025 | Dec. 31, 2024 | | :--- | :--- | :--- | | Aeronautics | $52,165 | $62,763 | | Missiles and Fire Control | $40,250 | $38,783 | | Rotary and Mission Systems | $38,584 | $38,117 | | Space | $35,531 | $36,377 | | **Total backlog** | **$166,530** | **$176,040** | Q2 2025 Aircraft Deliveries | Aircraft | Deliveries | | :--- | :--- | | F-35 | 50 | | F-16 | 3 | | C-130J | 1 |
Lockheed Martin Reports Second Quarter 2025 Financial Results
Prnewswire· 2025-07-22 11:29
Core Insights - Lockheed Martin Corporation reported second quarter 2025 sales of $18.2 billion, a slight increase from $18.1 billion in the same quarter of 2024, but net earnings significantly decreased to $342 million or $1.46 per share, down from $1.6 billion or $6.85 per share in Q2 2024, primarily due to $1.6 billion in program losses and other charges [1][11][46] - The company emphasized its strong performance in combat operations and the demand for advanced technologies, leading to increased orders from U.S. and allied customers, including additional F-35 purchases and missile-related contracts exceeding $1 billion [2][3] - Despite the challenges faced, including significant program losses, the company remains committed to delivering critical capabilities and maintaining its full-year 2025 guidance for sales and cash flow [3][11] Financial Performance - Sales for the second quarter of 2025 were $18.2 billion, with a year-to-date total of $36.1 billion, reflecting a 2% increase compared to the same period in 2024 [1][46] - The company reported cash from operations of $201 million and free cash flow of $(150) million, a significant decline from $1.9 billion and $1.5 billion respectively in Q2 2024 [1][17] - Total pre-tax losses on programs amounted to $1.6 billion, impacting earnings per share by $5.83, with net earnings for the quarter at $342 million [11][48] Program Losses and Charges - The company recognized significant program losses, including $950 million on a classified program at its Aeronautics segment, $570 million on the Canadian Maritime Helicopter Program (CMHP), and $95 million on the Turkish Utility Helicopter Program (TUHP) [4][5][7][48] - Other charges included a $66 million write-off of fixed assets related to the U.S. Air Force's Next Generation Air Dominance (NGAD) program and $103 million related to uncertain tax positions [8][11][48] Business Segment Performance - Aeronautics segment sales increased by 2% to $7.42 billion, but operating profit turned to a loss of $98 million due to the classified program losses [27][49] - Missiles and Fire Control (MFC) segment sales rose by 11% to $3.43 billion, with operating profit increasing by 6% to $479 million [29][30] - Rotary and Mission Systems (RMS) segment sales decreased by 12% to $3.99 billion, resulting in an operating loss of $172 million, primarily due to losses on CMHP and TUHP [31][32] - Space segment sales increased by 4% to $3.31 billion, with operating profit rising by 5% to $362 million [33][34] Outlook and Strategic Focus - The company is focused on improving operational performance and capital allocation, with plans to invest $800 million in infrastructure and innovation for growth [3][11] - Lockheed Martin reaffirmed its full-year 2025 guidance for sales, cash from operations, capital expenditures, free cash flow, and share repurchases, indicating confidence in future performance despite current challenges [3][20]
Lockheed Vs. RTX Vs. Northrop: Defense Giants Go Head-To-Head Before Earnings Blastoff
Benzinga· 2025-07-21 19:18
Three defense titans, three different flight paths — but only one may come out on top when Lockheed Martin (LMT), RTX Corp RTX, and Northrop Grumman Corp NOC report earnings Tuesday before the bell. With investors closely tracking valuation, momentum, and technicals, this aerospace earnings face-off is about to get turbulent.RTX: Flying High, Valued HigherRTX has been the surprise high-flyer. With a 47% gain over the past year and a 32% YTD rally, it's the clear momentum leader. Technically, it's flashing b ...
标普500指数、纳指齐创盘中新高,欧股小幅下跌,日元、黄金涨幅扩大至1%
Sou Hu Cai Jing· 2025-07-21 14:16
Market Overview - Investors are focused on a busy week of earnings reports, including major companies like Tesla and Google A, leading to a collective rise in the three major U.S. stock indices [1] - European stocks experienced a slight decline amid unclear U.S.-EU tariff negotiations, while Japanese markets showed short-term recovery [1][3] U.S. Stock Performance - The Nasdaq Composite Index rose by 0.7%, and the S&P 500 Index increased by 0.4%, both reaching intraday all-time highs [2] - Tesla's stock increased by over 2% following Elon Musk's announcement of significant advancements in the company's autonomous driving capabilities [2] - Trump's Media Technology Group saw a rise of over 7% after announcing a total Bitcoin reserve purchase of $2 billion [2] European Stock Performance - European stocks opened slightly lower, with the pan-European index down nearly 0.2% and German stocks declining over 0.1% [3] - The automotive manufacturer Stellantis reported a loss of €2.3 billion (approximately $2.7 billion) in the first half of the year due to restructuring costs and sales slowdown, leading to a significant drop in its stock price [10] Currency and Commodity Movements - The Japanese yen appreciated by about 1% against the U.S. dollar, while the U.S. dollar index fell nearly 0.5% [4][16] - Gold prices rose by over 1%, and silver prices increased by nearly 0.9% [6][24] - Crude oil prices saw a slight decline, with U.S. oil down over 0.1% and Brent oil down over 0.3% [7][24] Bond Market - U.S. Treasury yields fell for the fourth consecutive day, with the benchmark 10-year Treasury yield decreasing by about 4 basis points [5][14] - The decline in yields reflects investor sentiment amid tariff threats and concerns regarding potential changes in Federal Reserve leadership [14]