$LMT (+1,14%) | Lockheed Martin Q3'24 Earnings Highlights
๐น Adj EPS: $6.84 (Est. $6.50) ๐ข
๐น Revenue: $17.1B (Est. $17.37B) ๐ด; 1% YoY
๐น Free Cash Flow: $2.1B; DOWN from $2.5B YoY
๐น Total Backlog: $165.7B; UP +6.2% YoY
FY24 Guidance:
๐น EPS: $26.65 (Prev. $26.10โ$26.60; Est. $26.44) ๐ข
๐น Revenue: $71.25B (Prev. $70.50Bโ$71.50B; Est. $71.06B) ๐ข
๐น Free Cash Flow: ~$6.2B (Prev. $6.0Bโ$6.3B)
Other Key Metrics:
๐น Net Earnings: $1.6B; DOWN from $1.7B YoY
๐น Operating Profit: $2.14B (Est. $2.07B) ๐ข; UP +5% YoY
๐น Operating Margin: 12.5% (vs. 12.1% YoY)
Segment Performance:
Aeronautics:
๐น Revenue: $6.49B (Est. $6.80B) ๐ด; DOWN -3% YoY
๐น Operating Profit: $659M; DOWN -2% YoY
๐น Operating Margin: 10.2%
๐ธ 48 F-35 aircraft delivered; revenue affected by F-35 contract delays
Missiles and Fire Control (MFC):
๐น Revenue: $3.18B; UP +8% YoY
๐น Operating Profit: $456M; UP +15% YoY
๐น Operating Margin: 14.4%
๐ธ Strong growth in GMLRS and LRASM missile programs
Rotary and Mission Systems (RMS):
๐น Revenue: $4.37B; UP +6% YoY
๐น Operating Profit: $483M; Flat YoY
๐น Operating Margin: 11.1%
๐ธ Higher volume on Integrated Warfare Systems and Sikorsky helicopter programs (CH-53K, Seahawk, Black Hawk)
Space:
๐น Revenue: $3.08B; DOWN -1% YoY
๐น Operating Profit: $272M; UP +5% YoY
๐น Operating Margin: 8.8%
๐ธ Growth in strategic missile defense programs offset by lower volume on the Orion program
Shareholder Returns:
๐น Dividends and Share Repurchases: Returned $1.6B to shareholders
๐น Increased Share Repurchase Authorization: By $3.0B to a total of $10.3B
๐น Increased Quarterly Dividend: +5% to $3.30 per share
Operational Highlights:
๐น Key Contracts: Strong demand for F-35, missile programs, and classified projects
๐น F-35 Program Update: Revenue impacted by delays in Lots 18-19 contract authorization, with resolution expected in Q4
๐ธ Expect recovery of delayed F-35 revenue and cash flow in Q
๐น Cash from Operations: $2.4B, reflecting solid cash generation despite F-35 delays