Lockheed Martin said product sales rose $458 million (3%) and service sales fell $232 million (8%) in Q3 2024 compared with the same period a year earlier. For the 9 months to date, product sales increased $3.5 billion (9%) and service sales increased $245 million (3%).

1. 01

   Lockheed Martin said product sales rose $458 million (3%) and service sales fell $232 million (8%) in Q3 2024 compared with the same period a year earlier. For the 9 months to date, product sales increased $3.5 billion (9%) and service sales increased $245 million (3%).

2. 02

   The company said net earnings were $1.6 billion ($6.80 per share) in Q3 2024 and $4.8 billion ($20.05 per share) for the 9 months to date, compared with $1.7 billion ($6.73) and $5.1 billion ($19.97) in the prior-year periods. It also explained that the net decrease in weighted average common shares outstanding was reflected in earnings per share.

3. 03

   The company said operating cash flow for the 9 months to date rose $394 million from a year earlier, citing lower federal tax payments as the main factor. It said free cash flow increased $278 million and that the decrease in working capital included cash effects from the absence of additional authorizations and funding on F-35 Lot 18-19 contracts.

4. 04

   The company said it paid dividends of $2.3 billion and spent $2.7 billion to repurchase 5.7 million shares for the 9 months to date, and that its board raised the share repurchase authorization by $3.0 billion. It also said it entered into an agreement to acquire Terran Orbital Corporation on August 15, 2024 and expects to pay about $300 million in net cash.

Key figures

Quarter ended September 29, 2024

Revenue

$17.1B

Operating income

$2.1B

Net income

$1.6B

EPS

$6.80

Gross profit

$2.1B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.