Lockheed Martin (NYSE:LMT) saw its sales increase by around 2% year-over-year as the global aerospace and defense company delivered an impressive 3Q financial report.
The firm posted net sales of $16.9 billion, representing a 2% increase compared to the same quarter in 2022 when net sales were $16.6 billion.
Net earnings for the quarter stood at $1.7 billion, translating to $6.73 per share, compared to $1.8 billion and $6.71 per share in 3Q 2022.
Market expectations for Lockheed Martin (NYSE:LMT)'s third-quarter revenue stood at $16.7 billion, indicating a 0.5% year-over-year increase, with consensus earnings estimate of $6.66 per share.
Jim Taiclet, CEO of Lockheed Martin (NYSE:LMT), told shareholders that the results came in above the company’s own expectations.
"Our backlog remains robust at $156 billion as both domestic and international orders were strong,” Taiclet said.
“Moreover, our 21st Century Security strategy is resulting in new business successes, including the award of the transformational AIR6500 integrated air and missile defense program by the Australian Defence Force, which will serve as a blueprint for future joint all-domain operations worldwide.”
During 3Q 2023, Lockheed’s Aeronautics division led the pack with $6.7 billion in sales, with Missiles and Fire Control (MFC) reporting $2.9 billion, Rotary and Mission Systems (RMS) $4.1 billion, and Space $3.1 billion. The business segment operating profit for the company totaled $1.8 billion during this period.
Lockheed Martin (NYSE:LMT) reaffirmed its 2023 financial outlook, projecting net sales in the range of approximately $66.25 billion to $66.75 billion and diluted earnings per share in the range of $27 to $27.20.
The company also anticipates cash from operations to be approximately $8.15 billion and free cash flow to reach $6.2 billion for the year 2023.