Lockheed Martin's Q1 2024 Net Sales Reach $17.2 Billion

Lockheed Martin Corporation, a leading aerospace and defense company, has reported its first quarter 2024 financial results. The company's net sales for the first quarter of 2024 were $17.2 billion, marking a significant increase from the $15.1 billion reported in the first quarter of 2023.

Despite the increase in net sales, the net earnings for the first quarter of 2024 were $1.5 billion, or $6.39 per share, compared to $1.7 billion, or $6.61 per share, in the first quarter of 2023. This implies a slight decrease in net earnings and earnings per share compared to the prior year.

The company also highlighted its cash flow performance, reporting cash from operations of $1.6 billion and free cash flow of $1.3 billion for the first quarter of 2024, which were consistent with the figures reported in the first quarter of 2023.

Lockheed Martin reaffirmed its 2024 financial outlook and expressed confidence in its ability to achieve the full-year financial expectations set in January. The company emphasized its strong start to 2024 and its commitment to delivering meaningful free cash flow per share growth over the long-term.

Furthermore, Lockheed Martin disclosed that its backlog stands at $159 billion, which includes several large national security space awards in the first quarter of 2024. The company emphasized its technical expertise and its position to lead the realization of joint all domain operations, highlighting its focus on the execution of the F-35 program and progress towards delivery of the first TR-3 configured aircraft.

In terms of adjusted earnings before income taxes, net earnings, and diluted earnings per share, the company reported non-operational items that impacted these metrics. As reported under GAAP, earnings before income taxes were $1,835 million, net earnings were $1,545 million, and diluted EPS was $6.39. However, after adjusting for certain non-operational items, these figures were $1,817 million, $1,531 million, and $6.33, respectively, for the first quarter of 2024.

As a result of these announcements, the company's shares have moved 0.1% on the market, and are now trading at a price of $461.71. Check out the company's full 8-K submission here.

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