Lockheed Martin Posts Lower 4Q Revenue
January 23 2024 - 7:15AM
Dow Jones News
By Will Feuer
Lockheed Martin posted lower fourth-quarter revenue, dragged
down by lower sales in its missiles and fire-control unit as well
as its rotary and mission systems segment.
The Bethesda, Md., defense contractor reported earnings of $1.87
billion, or $7.58 a share, down from $1.91 billion, or $7.40 a
share, in the same period a year earlier.
Stripping out severance charges and other one-time items,
adjusted earnings were $7.90 a share. Analysts surveyed by FactSet
expected $7.29 a share.
The company posted revenue of $18.87 billion, down less than 1%.
Analysts surveyed by FactSet expected $17.96 billion.
Sales were dragged down by declines in the company's Missiles
and Fire Control unit as well as its Rotary and Mission Systems
segment.
For 2024, Lockheed is targeting revenue of $68.5 billion to $70
billion. Analysts expected $68.65 billion.
The company expects annual earnings of $25.65 a share to $26.35
a share. Analysts expected $26.61 a share.
The company is targeting 2024 free cash flow of $6 billion to
$6.3 billion. Analysts expected $6.26 billion.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 23, 2024 08:00 ET (13:00 GMT)
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