Lockheed Martin Posts Mixed Q3 Earnings: Retail’s Not Happy

Shares of Lockheed Martin Corp ($LMT) were trading in the red in Tuesday’s pre-market session after the firm reported its third-quarter earnings.

Earnings per share (EPS) came in at $6.84 compared to Wall Street’s estimate of $6.50 while revenue rose 1% year-on-year (YoY) to $17.1 billion versus an estimated $17.37 billion.

Lockheed Martin Chairman, President and CEO Jim Taiclet said the firm advanced its strategic, operational and financial priorities during the third quarter, as is evident by the record backlog of more than $165 billion, 48 F-35 deliveries, increased production on missile programs, and $2.1 billion of free cash flow generation.

For 2024, the firm has increased its EPS outlook to approximately $26.65 versus a previous estimate of $26.10-$26.60. Net sales is expected to come in at approximately $71.25 billion compared to an earlier guidance of $70.50 billion - $71.50 billion.

The firm’s Aeronautics segment witnessed net sales decrease by 3% year-over-year (YoY) to $6.49 billion. The decrease was primarily attributable to lower net sales of $480 million on the F-35 program, it said.

Missiles and Fire Control witnessed an 8% YoY growth in net sales to $3.18 billion. According to the firm, the increase was primarily attributable to higher net sales of $285 million for tactical and strike missile programs.

Rotary and Mission Systems’ net sales rose 6% YoY to $4.37 billion led by higher net sales of $185 million on integrated warfare systems and sensors (IWSS) programs. Meanwhile, the Space segment’s net sales decreased 1% to $3.08 billion, driven by lower net sales of $50 million for commercial civil space due to lower volume on the Orion program.

Retail sentiment on Stocktwits dipped into the ‘bearish’ territory on Tuesday morning.

Despite the prevailing bearish sentiment, one user believes the stock is presenting a good buy-on-dips opportunity.

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