FX.co ★ Lockheed Martin Confirms FY24 Outlook - Update

Lockheed Martin Corp. has reported a decrease in profits for the first quarter but maintained its earnings and sales forecast for the fiscal year 2024. Although the company saw an increase in revenue, the earning figures were disappointing.

In the early trading activity on NYSE/Nasdaq, Lockheed Martin shares witnessed an uptick of about 1.7 percent, reaching a trading figure of $469. For the fiscal year 2024, it upholds its projected net income per share within a range of $25.65 to $26.35. This is in contrast to the $27.55 net income per share from last year.

The sales projections for Lockheed Martin Corp. for 2024 lie between $68.50 billion to $70 billion, a noteworthy increase from the previous year's sales figures of $67.571 billion. Analysts' poll from Thomson Reuters anticipates the company's net income per share to reach around $26.03 while the revenues are predicted to touch approximately $69.51 billion. These figures do not take into account any special items.

The company's profits in the first quarter didn't match up to the figures from last year, yet they surpassed the Street's estimates. Earnings for Lockheed Martin totaled at $1.55 billion or $6.39 per share, against the previous year's first-quarter earnings of $1.69 billion or $6.61 per share. After making necessary adjustments, the earnings were revealed to be $1.53 billion or $6.33 a share for the specified period. Surprisingly, the expectation was set at $5.81 per share, and the company was able to surpass the anticipations.

In terms of revenue, Lockheed Martin Corp.'s report unveiled a growth of 13.7 percent in the first quarter, reaching $17.20 billion from the $15.13 billion last year.