Lockheed Martin has reported an increase in net sales to $19bn during the fourth quarter (Q4) of 2022, when compared to $17.7bn in Q4 2021.

The company said that its net earnings for Q4, that ended on 31 December 2022, totalled $1.9bn, or $7.40 per share. In the same quarter in 2021, the net earnings were $2bn.

Cash from operations for the reported quarter was $1.9bn, compared to $4.3bn for the same period in 2021.

The Q4 2022 capital expenditure was $693m, resulting in $1.235bn in free cash flow. The backlog for this period was $150bn, showing an 11% increase from Q4 2021.

Lockheed Martin’s net sales for the Aeronautics sector increased to $7.63bn in Q4 2022, when compared to $7.12bn in 2021.

Meanwhile, the annual net sales and net earnings of the Maryland-based company for 2022 were $66bn and $5.7bn, respectively. It reflects a year-on-year (YoY) decline from the $67.bn of net sales and $6.3bn of net earnings in 2021.

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By GlobalData

Last year’s cash from operations also decreased to $7.8bn, from $9.2bn in 2021, subsequently resulting in $6.1bn free cash flow reported in 2022, and $7.7bn in 2021.

Lockheed Martin chairman, president and CEO James Taiclet said: “Lockheed Martin’s stronger than expected finish to the year demonstrated the company’s reliability and resiliency to meet commitments in challenging environments while leading the industry’s critical security advancements for our nation and allies.

“As we track toward our objective of growth resumption in 2024, we will continue to execute our dynamic and disciplined capital allocation programme by reinvesting in our business and pursuing growth opportunities, and returning capital to shareholders.”

For 2023, the company has forecast net sales of approximately $65bn to $66bn.