Lockheed Martin beats Q3 earnings, misses on revenue

October 22, 2024 11:31 PM AEDT | By Investing

Google News:

Lockheed Martin beats Q3 earnings, misses on revenue

Recent News

Lakes Blue Energy (ASX:LKO) Advances Wombat Drilling Plans with $6.5M...

Diatreme Resources (ASX:DRX) Secures Major Project Status for Strategi...

Middle East Crisis Impacts Energy and Resource Stocks on Australia Sha...

Avenira (ASX:AEV) Secures Mine Plan Approval for Northern Territory Pr...

Investing.com -- Lockheed Martin Corporation reported third-quarter earnings that surpassed analyst expectations, while revenue fell short of estimates. The defense contractor also provided guidance for fiscal year 2024 that exceeded Wall Street projections.

Lockheed Martin (NYSE:LMT) posted adjusted earnings per share (EPS) of $6.84 for the third quarter, beating the analyst consensus of $6.50 by $0.34. However, revenue for the quarter came in at $17.1 billion, missing the consensus estimate of $17.37 billion.

Looking ahead, the company lifted its fiscal year 2024 EPS forecast to $26.65, above the analyst consensus of $26.44. Lockheed Martin also raised its FY2024 revenue outlook to $71.25 billion from $70.5 to $71.5 billion, surpassing the consensus estimate of $71.06 billion.

"In the third quarter, we advanced our strategic, operational and financial priorities, as demonstrated by our record backlog of more than $165 billion, 48 F-35 deliveries, increased production on missile programs, and $2.1 billion of free cash flow generation," said Lockheed Martin Chairman, President and CEO Jim Taiclet.

Taiclet added that the company continues to focus on its fundamental financial objective of driving free cash flow per share growth to generate returns for shareholders.

The company's stock edged up 0.44% following the earnings release, indicating a muted market response to the mixed results and upbeat guidance.

This article first appeared in Investing.com

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.