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Highlights:
- Lockheed Martin (NYSE:LMT) reports second quarter, FY-2022 net sales of US$15.4 billion.
- Lockheed’s second-quarter cash from operations remained unchanged from 2021 at US$1.3 billion.
- Lockheed Martin signed a three-year deal with Pentagon on Monday.
Aerospace company Lockheed Martin Corporation (NYSE:LMT) reported US$15.4 billion in net sales for the second quarter of 2022 on Tuesday, a fall from US$17.0 billion in the year-ago quarter.
LMT’s net earnings in the reported quarter were US$309 million, or US$1.16 per share, compared to US$1.8 billion, or US$6.52 per share in the same period in 2021.
The net earnings for the quarter included non-operational charges that came up to US$$1.7 billion. It came to US$1.4 billion, or US$5.16 per share, after taxation.
However, the company’s second-quarter cash from operations remained unchanged from 2021 at US$1.3 billion. Q2 free cash flow was US$1.0 billion in 2022 and 2021.
Lockheed, on Monday, signed a three-year agreement with Pentagon for F-35s, ensuring new funding for the program.
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Lockheed cuts full-year guidance
The company lowers its revenue forecast for 2022, citing a drop in sales of F-35 fighter jets due to pandemic-related headwinds.
Lockheed said that quarterly sales at the largest unit, Aeronautics, which manufactures the F-35 jets, tanked 12% to US$5.8 billion.
Barely three months ago Lockheed Martin gave a full-year earnings guidance per share of US$26.70, which is cut on Tuesday by 19% to US$21.55.
Bottom line:
Lockheed’s profits at the Missiles and Fire Control unit were US$418 million. This unit manufactures High Mobility Artillery Rocket System (HIMARS).
