Lockheed Martin has reported net sales of $16bn in Q3 2021, a 3% drop from $16.5bn in the same period last year.

In the three-month period that ended on 26 September 2021, the company’s net earnings stood at $1.7bn, compared with $1.8bn in Q3 2020.

Cash from operations in the latest quarter stood at $1.9bn.

Lockheed Martin chairman, president and CEO James Taiclet said: “During the third quarter, the men and women of Lockheed Martin continued to deliver essential products and capabilities for domestic and allied national defence, and for pioneering civil space endeavours.

“At the same time, we continued to advance the state of the art and innovation across key technologies, including Future Vertical Lift, Integrated Air and Missile Defense, hypersonic weapon systems, next generation satellites, and many others.”

Net sales declined across all its four primary business segments, namely Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space.

Revenues of the Space division fell by 5.3%, Missiles and Fire Control by 6.6%, Aeronautics by 1.6%, and Rotary and Mission Systems by 0.4%.

However, the quarter saw the company’s operating profits increase in all the four segments, with Aeronautics growing by 1.2%, Missiles and Fire Control by 1.9%, Rotary and Mission System by 12.7%, and Space by 6.2%.

The firm expects its 2022 net sales to drop from the expected levels in 2021 to around $66bn.

James Taiclet added: “Our conclusions, which are reflected in our updated 2021 guidance and subsequent trend information, reflect continuing strong cash flow generation, but a slight reduction in revenue in 2022 and roughly flat to low-single-digit growth rates in both revenue and segment operating profit over the next few years, with increasing growth opportunities in the years that follow.”

The company reported net sales of $17bn in Q2-2021.