Lockheed Martin Confirms FY24 Outlook - Update

(RTTNews) - Lockheed Martin Corp. (LMT), while reporting weak first-quarter profit, despite higher revenues, on Tuesday reaffirmed its fiscal 2024 forecast for earnings and sales.

In pre-market activity on the NYSE/Nasdaq, Lockheed Martin shares were gaining around 1.7 percent to trade at $469.

For the full year 2024, the company continues to expect net income per share of $25.65 to $26.35, compared to last year's $27.55.

For 2024, Lockheed Martin still expects net sales of $68.50 billion to $70 billion, compared to last year's sales of $67.571 billion

On average, analysts polled by Thomson Reuters expect the company to post income per share of $26.03 on revenues of $69.51 billion for the year. Analysts' estimates typically exclude special items.

In its first quarter, Lockheed Martin's profit decreased from last year but beat the Street estimates.

The company's earnings totaled $1.55 billion, or $6.39 per share. This compares with $1.69 billion, or $6.61 per share, in last year's first quarter.

Adjusted earnings were $1.53 billion or $6.33 per share for the period. Analysts had expected the company to earn $5.81 per share.

The company's revenue for the quarter rose 13.7 percent to $17.20 billion from $15.13 billion last year.

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