Lockheed Martin has reported net earnings of $1.54bn in Q1 FY24, down by 8.5% from $1.68bn in Q1 FY23.
The reported quarter, which ended on 31 March 2024, saw diluted earnings per share of $6.39 compared with $6.61 per share in the same quarter of the previous year.
In FY24, the Q1 results included an additional week of operations, with 13 weeks compared with 12 weeks in Q1 2023.
Net sales was $17.19bn in Q1 FY24 from $15.12bn in Q1 FY23.
Segment-wise, the Aeronautics business reported a 9% increase in net sales to $6.84bn in Q1 FY24 as against $6.26bn in last year’s Q1.
The Missiles and Fire Control segment experienced a 25% rise in net sales to $2.99bn in Q1 FY24 versus $2.38bn in Q1 FY23.
The company recorded 16% growth in net sales in its Rotary and Mission Systems segment, reaching $4.08bn in Q1 FY24 from $3.51bn in Q1 FY23.
The Space business also reported a 10% jump in net sales in Q1 FY24 to $3.26bn from $2.95bn in last year’s Q1.
Total business segment operating profit for Q1 FY24 was $1.74bn from $1.68bn in Q1 FY23, while total consolidated operating profit was $2.02bn in Q1 FY24 versus $2.03bn in the same quarter last year.
Cash from operations totalled $1.63bn in Q1 FY24, compared with $1.56bn in Q1 FY23.
Free cash flow for the reported quarter was $1.25bn, a slight decrease from $1.27bn in Q1 FY23.
Gross profit for Q1 FY24 stood at $1.99bn, while it was $2.04bn in Q1 the previous year.
Lockheed Martin has maintained its financial outlook for FY24, projecting net sales of between $68.5bn and $70bn, and diluted earnings per share ranging from $25.65 to $26.35.
Lockheed Martin chairman, president and CEO Jim Taiclet said: “First quarter sales increased significantly year-over-year and we generated free cash flow of nearly $1.3bn, while taking assertive actions to further strengthen production capacity.
“In addition, we continued our disciplined and dynamic capital deployment by investing over $700m into R&D [research and development] and capital projects and returned significant capital to shareholders through dividends and share repurchases as we remain committed to delivering meaningful free cash flow per share growth over long-term.”
