- Lockheed Martin’s (NYSE:LMT) Q3 earnings surpassed some analyst expectations for earnings but fell short on revenue estimates
- For Q3 2024, Lockheed Martin posted adjusted earnings per share of US$6.84, beating the analyst consensus of US$6.50 by $0.34
- However, the company’s revenue for the quarter was US$17.1 billion, slightly below the consensus estimate of US$17.37 billion
- Lockheed Martin stock last traded at US$614.61 per share
Lockheed Martin’s (NYSE:LMT) Q3 earnings surpassed some analyst expectations for earnings but fell short on revenue estimates.
The defence contractor provided an optimistic outlook for fiscal year 2024, exceeding Wall Street projections.
“In the third quarter, we advanced our strategic, operational, and financial priorities, as demonstrated by our record backlog of more than US$165 billion, 48 F-35 deliveries, increased production on missile programs, and US$2.1 billion of free cash flow generation,” Lockheed Martin chairman, president, and CEO Jim Taiclet said in a news release. He emphasized the company’s focus on driving free cash flow per share growth to generate returns for shareholders.
For Q3 2024, Lockheed Martin posted adjusted earnings per share (EPS) of US$6.84, beating the analyst consensus of US$6.50 by $0.34. However, the company’s revenue for the quarter was US$17.1 billion, slightly below the consensus estimate of US$17.37 billion.
Looking ahead, Lockheed Martin raised its fiscal year 2024 EPS forecast to US$26.65, above the analyst consensus of US$26.44. The company also increased its FY2024 revenue outlook to US$71.25 billion, surpassing the previous range of US$70.5 to US$71.5 billion and the consensus estimate of $71.06 billion.
After the earnings release, Lockheed Martin’s stock nudged up 0.46 per cent in premarket trading, reflecting a muted market response to the mixed results and upbeat guidance.
Lockheed Martin Corp. is a global security and aerospace company engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. Its segments include aeronautics, missiles and fire control, rotary and mission systems and space.
Lockheed Martin stock (NYSE:LMT) last traded at US$614.61 per share and has risen 35.60 per cent since the beginning of the year.
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(Top photo of F35 via Lockheed Martin Corp.)