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Lockheed Martin Posts Solid Q1 2024 Earnings, Reaffirms Financial Outlook for the Year
BETHESDA, Md., April 23, 2024 /PRNewswire/— Lockheed Martin Corporation (NYSE: LMT), a global aerospace, defense, security, and advanced technologies company, today reported its financial results for the first quarter of 2024. Despite a challenging global economic landscape, the company showcased resilient performance with net sales increasing to $17.2 billion, up from $15.1 billion in the first quarter of 2023.
Financial Highlights Lockheed Martin's net earnings for Q1 2024 stood at $1.5 billion, or $6.39 per share, a slight decrease from $1.7 billion, or $6.61 per share in the corresponding quarter of 2023. This dip in earnings per share reflects the strategic investments and adjustments the company has made in response to evolving market conditions and ongoing projects.
The company also reported strong cash generation, with cash from operations at $1.6 billion and free cash flow reaching $1.3 billion, maintaining the levels seen in the previous year. These results demonstrate Lockheed Martin's operational efficiency and robust financial health.
Operational and Strategic Developments Lockheed Martin's Chairman, President and CEO, Jim Taiclet, highlighted the company's commitment to delivering high-quality security solutions and supporting integrated deterrence for customers worldwide. "Our first quarter sales increased significantly year-over-year, and we generated robust free cash flow of nearly $1.3 billion," Taiclet said. He emphasized the company's strategic actions to strengthen production capacity and dynamic capital deployment, including over $700 million invested in R&D and capital projects.
In addition to operational advancements, Lockheed Martin continues to lead in technological innovation, particularly in the realms of AI and sovereign cloud services, ensuring secure delivery within the stringent regulations of national security.
Capital Deployment Lockheed Martin returned $1.8 billion to shareholders through dividends and share repurchases, underlining its ongoing commitment to delivering shareholder value. The company's disciplined approach to capital management reflects its stable financial position and confidence in long-term growth prospects.
2024 Outlook Lockheed Martin reaffirmed its 2024 financial outlook, projecting net sales between $68.5 billion and $70 billion and diluted earnings per share ranging from $25.65 to $26.35. The company expects cash from operations to be between $7.75 billion and $8.05 billion, with capital expenditures around $1.75 billion and free cash flow projected to be between $6 billion and $6.3 billion.
Market Position and Future Prospects With a backlog of $159 billion, including significant National Security Space awards, Lockheed Martin is well-positioned to continue its leadership in the defense sector. The company's diverse portfolio and deep technical expertise enable it to meet complex customer demands and adapt to an evolving security landscape.
As Lockheed Martin moves forward, it remains focused on the execution of critical programs like the F-35, further enhancing its capabilities to meet global security needs effectively.
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