Lockheed Martin (NYSE:LMT) Corp on Tuesday reported improved fourth-quarter earnings on sales that were little changed, and forecast further top-line growth in 2024.
The defence manufacturer said sales in the three months to December 31, 2023, were $18.9 billion, compared to $19.0 billion in the fourth quarter of 2022.
EPS in the fourth quarter was $7.58, up from $7.40 per share last year, while net earnings fell slightly to $1.87 billion from $1.91 billion.
Cash from operations was $2.4 billion in the fourth quarter compared to $1.9 billion a year ago, while free cash flow was $1.7 billion, up from $1.2 billion the year prior.
For 2023, net sales in 2023 were $67.6 billion, compared to $66.0 billion in 2022 with net earnings of $6.9 billion, or $27.55 per share, compared to $5.7 billion, or $21.66 per share, in 2022.
“Our solid finish to 2023 and full-year results reflect continued strong demand for our all-domain portfolio of advanced defence tech solutions,” said chair, president and CEO Jim Taiclet.
“Looking ahead to 2024….we anticipate continued top-line growth in 2024 and sustained cash flow conversion and deployment, in support of our mid-single digit growth target in free cash flow per share.”
Shares have nudged 0.3% higher in pre-market trading.