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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lockheed Martin Corp | NYSE:LMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.6725 | 0.12% | 560.9625 | 562.425 | 557.00 | 560.51 | 912,024 | 01:00:00 |
BETHESDA, Md., April 23, 2024 /PRNewswire/ -- Lockheed Martin Corporation [NYSE: LMT] today reported first quarter 2024 net sales of $17.2 billion, compared to $15.1 billion in the first quarter of 2023. Net earnings in the first quarter of 2024 were $1.5 billion, or $6.39 per share, compared to $1.7 billion or $6.61 per share, in the first quarter of 2023. Cash from operations was $1.6 billion in both the first quarters of 2024 and 2023. Free cash flow was $1.3 billion in both the first quarters of 2024 and 2023. First quarter 2024 results included 13 weeks compared to 12 weeks for first quarter 2023.
"Our strong start to 2024 demonstrates our continued success designing, developing and delivering 21st Century Security solutions in support of integrated deterrence for customers around the world. These first quarter results reinforce our confidence in our ability to achieve the full year financial expectations we set in January," said Lockheed Martin Chairman, President and CEO Jim Taiclet. "First quarter sales increased significantly year-over-year and we generated robust free cash flow of nearly $1.3 billion, while taking assertive actions to further strengthen production capacity. In addition, we continued our disciplined and dynamic capital deployment by investing over $700 million into R&D 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 the long-term.
"Our $159 billion backlog includes several large National Security Space awards in the quarter and attests to the breadth of our portfolio, depth of our technical expertise, and understanding of our customers' needs. These capabilities uniquely position us to lead the realization of joint all domain operations, including reliable battle management and command and control systems integrated across multiple domains, military services, and allied forces. We remain exceptionally focused on the execution of the F-35 program, working with our customers and suppliers to implement TR-3 capabilities, and are encouraged by the progress towards delivery of the first TR-3 configured aircraft. The innovation and open architecture solutions across our portfolio enable customers worldwide to stay prepared and agile amidst an ever-changing threat environment."
Adjusted earnings before income taxes, net earnings and diluted EPS
The table below shows the impact to earnings before income taxes, net earnings and diluted earnings per share (EPS) for certain non-operational items:
(in millions, except per share data) | Quarters Ended | |||||||||
March 31, 2024 | March 26, 2023 | |||||||||
Earnings | Net | Diluted | Earnings | Net | Diluted | |||||
As Reported (GAAP) | $ 1,835 | $ 1,545 | $ 6.39 | $ 1,994 | $ 1,689 | $ 6.61 | ||||
Mark-to-market investment gains1 | (18) | (14) | (0.06) | (58) | (44) | (0.18) | ||||
As Adjusted (Non-GAAP)2 | $ 1,817 | $ 1,531 | $ 6.33 | $ 1,936 | $ 1,645 | $ 6.43 | ||||
1 | Includes changes in valuations of the company's net assets and liabilities for deferred compensation plans and early-stage company | |||||||||
2 | See the "Use of Non-GAAP Financial Measures" section of this news release for more information. | |||||||||
Summary Financial Results
The following table presents the company's summary financial results.
(in millions, except per share data) | Quarters Ended | |||||
March 31, 2024 | March 26, 2023 | |||||
Net sales | $ 17,195 | $ 15,126 | ||||
Business segment operating profit1 | $ 1,745 | $ 1,682 | ||||
Unallocated items | ||||||
FAS/CAS operating adjustment | 406 | 415 | ||||
Intangible asset amortization expense | (61) | (62) | ||||
Other, net | (61) | 2 | ||||
Total unallocated items | 284 | 355 | ||||
Consolidated operating profit | $ 2,029 | $ 2,037 | ||||
Net earnings | $ 1,545 | $ 1,689 | ||||
Diluted earnings per share | $ 6.39 | $ 6.61 | ||||
Cash from operations2 | $ 1,635 | $ 1,564 | ||||
Capital expenditures | (378) | (294) | ||||
Free cash flow1,2 | $ 1,257 | $ 1,270 | ||||
1 | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of | |||||
2 | See the "Cash Flows and Capital Deployment Activities" section of this news release for more information. | |||||
2024 Financial Outlook
The following table and other sections of this news release contain forward-looking statements, which are based on the company's current expectations. Actual results may differ materially from those projected. It is the company's practice not to incorporate adjustments into its financial outlook for proposed or potential acquisitions, divestitures, ventures, pension risk transfer transactions, financing transactions, changes in law, or new accounting standards until such items have been consummated, enacted or adopted. For additional factors that may impact the company's actual results, refer to the "Forward-Looking Statements" section in this news release.
(in millions, except per share data) | 2024 Outlook1 | ||||
Net sales | $68,500 - $70,000 | ||||
Business segment operating profit2 | $7,175- $7,375 | ||||
Total FAS/CAS pension adjustment3 | ~$1,685 | ||||
Diluted earnings per share4 | $25.65 - $26.35 | ||||
Cash from operations | $7,750 - $8,050 | ||||
Capital expenditures | ~$1,750 | ||||
Free cash flow2 | $6,000 - $6,300 | ||||
1 | The company's current 2024 financial outlook does not include any future gains or losses related to changes in valuations of the company's | ||||
2 | Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of | ||||
3 | The total FAS/CAS pension adjustment is presented as a single amount and includes total expected U.S. Government cost accounting | ||||
4 | Although the company typically does not update its outlook for proposed changes in law, the above includes the effect of Notice 2023-63 | ||||
Cash Flows and Capital Deployment Activities
Cash from operations in the first quarter of 2024 was $1.6 billion and capital expenditures were $378 million, resulting in free cash flow of $1.3 billion. The operating and free cash flows for the first quarter of 2024 were comparable to the same period in 2023.
The company's cash activities in the quarter ended March 31, 2024, included the following:
Segment Results
The company operates in four business segments organized based on the nature of products and services offered: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. The following table presents summary operating results of the company's business segments and reconciles these amounts to the company's consolidated financial results.
(in millions) | Quarters Ended | |||||
March 31, 2024 | March 26, 2023 | |||||
Net sales | ||||||
Aeronautics | $ 6,845 | $ 6,269 | ||||
Missiles and Fire Control | 2,993 | 2,388 | ||||
Rotary and Mission Systems | 4,088 | 3,510 | ||||
Space | 3,269 | 2,959 | ||||
Total net sales | $ 17,195 | $ 15,126 | ||||
Operating profit | ||||||
Aeronautics | $ 679 | $ 675 | ||||
Missiles and Fire Control | 311 | 377 | ||||
Rotary and Mission Systems | 430 | 350 | ||||
Space | 325 | 280 | ||||
Total business segment operating profit | 1,745 | 1,682 | ||||
Unallocated items | ||||||
FAS/CAS operating adjustment | 406 | 415 | ||||
Intangible asset amortization expense | (61) | (62) | ||||
Other, net | (61) | 2 | ||||
Total unallocated items | 284 | 355 | ||||
Total consolidated operating profit | $ 2,029 | $ 2,037 | ||||
Net sales and operating profit of the company's business segments exclude intersegment sales, cost of sales, and profit as these activities are eliminated in consolidation and not included in management's evaluation of performance of each segment. Business segment operating profit includes the company's share of earnings or losses from equity method investees as the operating activities of the equity method investees are closely aligned with the operations of the company's business segments.
Business segment operating profit excludes the FAS/CAS pension operating adjustment, a portion of corporate costs not considered allowable or allocable to contracts with the U.S. Government under the applicable U.S. Government cost accounting standards (CAS) or federal acquisition regulations (FAR), and other items not considered part of management's evaluation of segment operating performance such as a portion of management and administration costs, legal fees and settlements, environmental costs, stock-based compensation expense, retiree benefits, significant severance actions, significant asset impairments, gains or losses from divestitures, intangible asset amortization expense, and other miscellaneous corporate activities. Excluded items are included in the reconciling item "Unallocated items" between operating profit from the company's business segments and its consolidated operating profit.
Changes in net sales and operating profit generally are expressed in terms of volume, contract mix, and/or performance (referred to as profit adjustments). Changes in volume refer to increases or decreases in sales or operating profit resulting from varying production activity levels, deliveries or service levels on individual contracts. Volume changes in segment operating profit are typically based on the current profit booking rate for a particular contract. Contract mix refers to changes in the ratio of contract type or life cycle (e.g., cost-type, fixed-price, development, production and/or sustainment). In addition, comparability of the company's segment sales, operating profit and operating margin may be impacted favorably or unfavorably by changes in profit booking rates on the company's contracts. Increases in profit booking rates, typically referred to as favorable profit adjustments, usually relate to revisions in the estimated total costs to fulfill the performance obligations that reflect improved conditions on a particular contract. Conversely, conditions on a particular contract may deteriorate, resulting in an increase in the estimated total costs to fulfill the performance obligations and a reduction in the profit booking rate and are typically referred to as unfavorable profit adjustments. Increases or decreases in profit booking rates are recognized in the period they are determined and reflect the inception-to-date effect of such changes.
The company's consolidated net favorable profit booking rate adjustments represented approximately 11% and 25% of total segment operating profit in the quarters ended March 31, 2024 and March 26, 2023. The decrease in the net favorable profit booking rate adjustments was driven by a $100 million reach-forward loss recognized on a classified program at MFC after updating the company's assessment of the likelihood that the options may be exercised and concluded that an option would be exercised based on progress made on the program and discussions with the customer. In addition to this reach-forward loss, net favorable profit booking rate adjustments were lower by $120 million, see the discussion below.
Aeronautics
(in millions) | Quarters Ended | |||||
March 31, 2024 | March 26, 2023 | |||||
Net sales | $ 6,845 | $ 6,269 | ||||
Operating profit | 679 | 675 | ||||
Operating margin | 9.9 % | 10.8 % |
Aeronautics' net sales in the first quarter of 2024 increased $576 million, or 9%, compared to the same period in 2023. The increase was primarily attributable to higher net sales of $305 million on the F-35 program due to higher volume on production, development and sustainment contracts; $155 million on classified programs driven by higher volume; and $60 million on the F-16 program due to the ramp up on production.
Aeronautics' operating profit in the first quarter of 2024 was comparable to the same period in 2023. Operating profit increased $50 million on the F-16 program as operating profit for the first quarter of 2023 reflects the impact of unfavorable profit adjustments on a production contract and sustainment contracts as a result of schedule delays related to software and technical specification risks that did not recur in the first quarter of 2024. This increase was partially offset by lower operating profit of $30 million on the F-35 program primarily due to lower net profit adjustments on production contracts as a result of higher than anticipated material costs, partially offset by higher volume described above. Total net profit booking rate adjustments were $40 million lower in the first quarter of 2024 compared to the same period in 2023.
Missiles and Fire Control
(in millions) | Quarters Ended | |||||
March 31, 2024 | March 26, 2023 | |||||
Net sales | $ 2,993 | $ 2,388 | ||||
Operating profit | 311 | 377 | ||||
Operating margin | 10.4 % | 15.8 % |
MFC's net sales in the first quarter of 2024 increased $605 million, or 25% compared to the same period in 2023. The increase was primarily attributable to higher net sales of $460 million for tactical and strike missile programs due to production ramp up on Guided Multiple Launch Rocket Systems (GMLRS), High Mobility Artillery Rocket System (HIMARS), Joint Air-to-Surface Standoff Missile (JASSM) and Long Range Anti-Ship Missile (LRASM) programs; and $100 million for integrated air and missile defense programs primarily due to higher volume on PAC-3 and Terminal High Altitude Area Defense (THAAD).
MFC's operating profit in the first quarter of 2024 decreased $66 million, or 18%, compared to the same period in 2023. The decrease was primarily attributable to lower operating profit for tactical and strike missile programs due to a $100 million reach-forward loss recognized for an option on a classified program and an unfavorable profit adjustment on HELLFIRE as a result of additional costs expected to be incurred associated with a contract claim, partially offset by the production ramp up described above. Total net profit booking rate adjustments, inclusive of the $100 million loss described above, were $120 million lower in the first quarter of 2024 compared to the same period in 2023.
Rotary and Mission Systems
(in millions) | Quarters Ended | |||||
March 31, 2024 | March 26, 2023 | |||||
Net sales | $ 4,088 | $ 3,510 | ||||
Operating profit | 430 | 350 | ||||
Operating margin | 10.5 % | 10.0 % |
RMS' net sales in the first quarter of 2024 increased $578 million, or 16% compared to the same period in 2023. The increase was primarily attributable to higher net sales of $295 million on integrated warfare systems and sensors (IWSS) programs due to new program ramp up within the laser systems portfolio and higher volume on the Aegis and radar programs; $150 million for various C6ISR (command, control, communications, computers, cyber, combat systems, intelligence, surveillance, and reconnaissance) programs due to higher volume; and $100 million for Sikorsky helicopter programs due to higher volume on Seahawk and CH-53K programs.
RMS' operating profit in the first quarter of 2024 increased $80 million, or 23%, compared to the same period in 2023. The increase was primarily attributable to higher operating profit of $40 million on IWSS programs due to higher volume described above and a favorable profit rate adjustment as a result of the delivery of a ground-based radar which retired the technical risk; and $25 million on Sikorsky helicopter programs due to higher volume described above and higher margins due to contract mix, partially offset by unfavorable profit adjustments on Seahawk programs. Total net profit booking rate adjustments were $30 million lower in the first quarter of 2024 compared to the same period in 2023.
Space
(in millions) | Quarters Ended | |||||
March 31, 2024 | March 26, 2023 | |||||
Net sales | $ 3,269 | $ 2,959 | ||||
Operating profit | 325 | 280 | ||||
Operating margin | 9.9 % | 9.5 % |
Space's net sales in the first quarter of 2024 increased $310 million, or 10%, compared to the same period in 2023. The increase was primarily attributable to higher net sales of $140 million for strategic and missile defense programs due to higher volume on Fleet Ballistic Missile (FBM) and ramp up in the hypersonic and Next Generation Interceptor (NGI) development programs; and higher net sales of $115 million for national security space programs due to higher volume on Transport Layer and GPS III programs and ramp up on the Tracking Layer program.
Space's operating profit in the first quarter of 2024 increased $45 million, or 16%, compared to the same period in 2023. The increase was primarily attributable to $30 million of higher equity earnings from the company's investment in United Launch Alliance (ULA) due to higher launch volume, and higher operating profit of $20 million on strategic and missile defense programs due to the higher volume described above. These increases were partially offset by lower operating profit of $25 million for national security space programs due to the impact of lower net favorable profit adjustments on Next Gen OPIR as a result of the timing of the award and incentive fee assessments. Total net profit booking rate adjustments were $30 million lower in the first quarter of 2024 compared to the same period in 2023.
Total equity earnings/(losses) (primarily ULA) represented approximately $15 million or 5% in the first quarter of 2024, compared to approximately $(15) million or (5)% for the same period in 2023.
Income Taxes
The company's effective income tax rate was 15.8% and 15.3% for the quarters ended March 31, 2024 and March 26, 2023. The rates for all periods benefited from research and development tax credits, tax deductions for foreign derived intangible income, dividends paid to the company's defined contribution plans with an employee stock ownership plan feature and employee equity awards.
Use of Non-GAAP Financial Measures
This news release contains the following non-generally accepted accounting principles (non-GAAP) financial measures (as defined by U.S. Securities and Exchange Commission (SEC) Regulation G). While management believes that these non-GAAP financial measures may be useful in evaluating the financial performance of the company, this information should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. In addition, the company's definitions for non-GAAP financial measures may differ from similarly titled measures used by other companies or analysts.
Business segment operating profit
Business segment operating profit represents operating profit from the company's business segments before unallocated income and expense. This measure is used by the company's senior management in evaluating the performance of its business segments and is a performance goal in the company's annual incentive plan. Business segment operating margin is calculated by dividing business segment operating profit by sales. The table below reconciles the non-GAAP measure business segment operating profit with the most directly comparable GAAP financial measure, consolidated operating profit.
(in millions)
| 2024 Outlook | ||||
Business segment operating profit (non-GAAP) | $7,175 - $7,375 | ||||
FAS/CAS operating adjustment1 | ~1,625 | ||||
Intangible asset amortization expense | ~(245) | ||||
Other, net | ~(400) | ||||
Consolidated operating profit (GAAP) | ~$8,155 - $8,355 | ||||
1 | Reflects the amount by which expected total CAS pension cost of $1.7 billion, exceeds the expected FAS pension service cost and excludes | ||||
Free cash flow
Free cash flow is cash from operations less capital expenditures. The company's capital expenditures are comprised of equipment and facilities infrastructure and information technology (inclusive of costs for the development or purchase of internal-use software that are capitalized). The company uses free cash flow to evaluate its business performance and overall liquidity and it is a performance goal in the company's annual and long-term incentive plans. The company believes free cash flow is a useful measure for investors because it represents the amount of cash generated from operations after reinvesting in the business and that may be available to return to stockholders and creditors (through dividends, stock repurchases and debt repayments) or available to fund acquisitions or other investments. The entire free cash flow amount is not necessarily available for discretionary expenditures, however, because it does not account for certain mandatory expenditures, such as the repayment of maturing debt and pension contributions.
Adjusted earnings before income taxes; adjusted net earnings and adjusted diluted EPS
Earnings before income taxes, net earnings and diluted earnings per share (EPS) were impacted by certain non-operational items for all periods. Management believes the presentation of these measures adjusted for the impacts of these non-operational items is useful to investors in understanding the company's underlying business performance and comparing performance from period to period. The tax effects related to each adjustment that impacted earnings before income taxes are based on a blended tax rate that combines the federal statutory rate of 21% plus an estimated state tax rate.
Webcast and Conference Call Information
Lockheed Martin Corporation will webcast live the earnings results conference call (listen-only mode) on Tuesday, April 23, 2024, at 11:00 a.m. ET on the Lockheed Martin Investor Relations website at www.lockheedmartin.com/investor. The accompanying presentation slides and relevant financial charts are also available at www.lockheedmartin.com/investor.
For additional information, visit the company's website: www.lockheedmartin.com.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at www.lockheedmartin.com.
Forward-Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on Lockheed Martin's current expectations and assumptions. The words "believe," "estimate," "anticipate," "project," "intend," "expect," "plan," "outlook," "scheduled," "forecast" and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties. Actual results may differ materially due to factors such as:
These are only some of the factors that may affect the forward-looking statements contained in this news release. For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the company's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q. The company's filings may be accessed through the Investor Relations page of its website, www.lockheedmartin.com/investor, or through the website maintained by the SEC at www.sec.gov.
The company's actual financial results likely will be different from those projected due to the inherent nature of projections. Given these uncertainties, forward-looking statements should not be relied on in making investment decisions. The forward-looking statements contained in this news release speak only as of the date of its filing. Except where required by applicable law, the company expressly disclaims a duty to provide updates to forward-looking statements after the date of this news release to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this news release are intended to be subject to the safe harbor protection provided by the federal securities laws.
Lockheed Martin Corporation | ||||
Quarters Ended | ||||
March 31, | March 26, | |||
Net sales | $ 17,195 | $ 15,126 | ||
Cost of sales | (15,202) | (13,080) | ||
Gross profit | 1,993 | 2,046 | ||
Other income (expense), net | 36 | (9) | ||
Operating profit | 2,029 | 2,037 | ||
Interest expense | (255) | (202) | ||
Non-service FAS pension income | 16 | 110 | ||
Other non-operating income, net | 45 | 49 | ||
Earnings before income taxes | 1,835 | 1,994 | ||
Income tax expense | (290) | (305) | ||
Net earnings | $ 1,545 | $ 1,689 | ||
Effective tax rate | 15.8 % | 15.3 % | ||
Earnings per common share | ||||
Basic | $ 6.42 | $ 6.63 | ||
Diluted | $ 6.39 | $ 6.61 | ||
Weighted average shares outstanding | ||||
Basic | 240.7 | 254.7 | ||
Diluted | 241.6 | 255.7 | ||
Common shares reported in stockholders' equity at end of period | 239 | 254 |
1 | The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, |
Lockheed Martin Corporation | |||||||
Quarters Ended | |||||||
March 31, | March 26, | % | |||||
Net sales | |||||||
Aeronautics | $ 6,845 | $ 6,269 | 9 % | ||||
Missiles and Fire Control | 2,993 | 2,388 | 25 % | ||||
Rotary and Mission Systems | 4,088 | 3,510 | 16 % | ||||
Space | 3,269 | 2,959 | 10 % | ||||
Total net sales | $ 17,195 | $ 15,126 | 14 % | ||||
Operating profit | |||||||
Aeronautics | $ 679 | $ 675 | 1 % | ||||
Missiles and Fire Control | 311 | 377 | (18 %) | ||||
Rotary and Mission Systems | 430 | 350 | 23 % | ||||
Space | 325 | 280 | 16 % | ||||
Total business segment operating profit | 1,745 | 1,682 | 4 % | ||||
Unallocated items | |||||||
FAS/CAS operating adjustment | 406 | 415 | |||||
Intangible asset amortization expense | (61) | (62) | |||||
Other, net | (61) | 2 | |||||
Total unallocated items | 284 | 355 | (20 %) | ||||
Total consolidated operating profit | $ 2,029 | $ 2,037 | — % | ||||
Operating margin | |||||||
Aeronautics | 9.9 % | 10.8 % | |||||
Missiles and Fire Control | 10.4 % | 15.8 % | |||||
Rotary and Mission Systems | 10.5 % | 10.0 % | |||||
Space | 9.9 % | 9.5 % | |||||
Total business segment operating margin | 10.1 % | 11.1 % | |||||
Total consolidated operating margin | 11.8 % | 13.5 % |
Lockheed Martin Corporation | |||||
2024 | 2023 | ||||
Total FAS income CAS cost | |||||
FAS pension income | $ — | $ 378 | |||
Less: CAS pension cost | 1,685 | 1,725 | |||
Total FAS/CAS pension adjustment | $ 1,685 | $ 2,103 | |||
Service and non-service cost reconciliation | |||||
FAS pension service cost | $ (60) | $ (65) | |||
Less: CAS pension cost | 1,685 | 1,725 | |||
Total FAS/CAS pension operating adjustment | 1,625 | 1,660 | |||
Non-service FAS pension income | 60 | 443 | |||
Total FAS/CAS pension adjustment | $ 1,685 | $ 2,103 |
Lockheed Martin Corporation | |||||
March 31, | Dec. 31, | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | $ 2,790 | $ 1,442 | |||
Receivables, net | 2,257 | 2,132 | |||
Contract assets | 14,050 | 13,183 | |||
Inventories | 3,278 | 3,132 | |||
Other current assets | 583 | 632 | |||
Total current assets | 22,958 | 20,521 | |||
Property, plant and equipment, net | 8,354 | 8,370 | |||
Goodwill | 10,789 | 10,799 | |||
Intangible assets, net | 2,151 | 2,212 | |||
Deferred income taxes | 3,024 | 2,953 | |||
Other noncurrent assets | 7,687 | 7,601 | |||
Total assets | $ 54,963 | $ 52,456 | |||
Liabilities and equity | |||||
Current liabilities | |||||
Accounts payable | $ 3,523 | $ 2,312 | |||
Salaries, benefits and payroll taxes | 2,679 | 3,133 | |||
Contract liabilities | 8,745 | 9,190 | |||
Current maturities of long-term debt | 168 | 168 | |||
Other current liabilities | 2,584 | 2,134 | |||
Total current liabilities | 17,699 | 16,937 | |||
Long-term debt, net | 19,250 | 17,291 | |||
Accrued pension liabilities | 6,133 | 6,162 | |||
Other noncurrent liabilities | 5,231 | 5,231 | |||
Total liabilities | 48,313 | 45,621 | |||
Stockholders' equity | |||||
Common stock, $1 par value per share | 239 | 240 | |||
Additional paid-in capital | — | — | |||
Retained earnings | 15,222 | 15,398 | |||
Accumulated other comprehensive loss | (8,811) | (8,803) | |||
Total stockholders' equity | 6,650 | 6,835 | |||
Total liabilities and equity | $ 54,963 | $ 52,456 |
Lockheed Martin Corporation | ||||
Quarters Ended | ||||
March 31, | March 26, | |||
Operating activities | ||||
Net earnings | $ 1,545 | $ 1,689 | ||
Adjustments to reconcile net earnings to net cash provided by operating activities | ||||
Depreciation and amortization | 351 | 325 | ||
Stock-based compensation | 61 | 57 | ||
Deferred income taxes | (77) | (117) | ||
Changes in assets and liabilities | ||||
Receivables, net | (125) | (78) | ||
Contract assets | (867) | (871) | ||
Inventories | (146) | (383) | ||
Accounts payable | 1,301 | 1,217 | ||
Contract liabilities | (445) | (152) | ||
Income taxes | 341 | 414 | ||
Qualified defined benefit pension plans | (1) | (94) | ||
Other, net | (303) | (443) | ||
Net cash provided by operating activities | 1,635 | 1,564 | ||
Investing activities | ||||
Capital expenditures | (378) | (294) | ||
Other, net | 6 | 35 | ||
Net cash used for investing activities | (372) | (259) | ||
Financing activities | ||||
Issuance of long-term debt, net of related costs | 1,980 | — | ||
Repurchases of common stock | (1,000) | (500) | ||
Dividends paid | (780) | (784) | ||
Other, net | (115) | (128) | ||
Net cash provided by (used for) financing activities | 85 | (1,412) | ||
Net change in cash and cash equivalents | 1,348 | (107) | ||
Cash and cash equivalents at beginning of period | 1,442 | 2,547 | ||
Cash and cash equivalents at end of period | $ 2,790 | $ 2,440 |
Lockheed Martin Corporation | |||||
Backlog | March 31, | Dec. 31, | |||
Aeronautics | $ 57,035 | $ 60,156 | |||
Missiles and Fire Control | 31,297 | 32,229 | |||
Rotary and Mission Systems | 38,030 | 37,726 | |||
Space | 33,006 | 30,456 | |||
Total backlog | $ 159,368 | $ 160,567 |
Quarters Ended | |||||
Aircraft Deliveries | March 31, | March 26, | |||
F-35 | — | 5 | |||
F-16 | 3 | 1 | |||
C-130J | 4 | 2 | |||
Government helicopter programs | 13 | 10 | |||
Commercial helicopter programs | — | 1 | |||
International military helicopter programs | — | — |
Number of Weeks in Reporting Period1 | 2024 | 2023 | ||
First quarter | 13 | 12 | ||
Second quarter | 13 | 13 | ||
Third quarter | 13 | 13 | ||
Fourth quarter | 13 | 14 |
1 | Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month, |
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SOURCE Lockheed Martin
Copyright 2024 PR Newswire
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