Lockheed Martin Corp
EPS in the fourth quarter was $7.58, up from $7.40 per share last year, versus the consensus of $ $7.28, while net earnings fell slightly to $1.87 billion from $1.91 billion.
Cash from operations was $2.4 billion in the fourth quarter compared to $1.9 billion a year ago, while free cash flow was $1.7 billion, up from $1.2 billion the year prior.
"Our solid finish to 2023 and full-year results reflect continued strong demand for our all-domain portfolio of advanced defense tech solutions," said chair, president, and CEO Jim Taiclet.
"Looking ahead to 2024... we anticipate continued top-line growth in 2024 and sustained cash flow conversion and deployment, in support of our mid-single digit growth target in free cash flow per share."
Aeronautics' net sales in the fourth quarter of 2023 sales remained at $7.6 billion. The company says fourth-quarter net sales on the F-35 program decreased $275 million due to lower volume on production contracts partially offset by higher volume on development and sustainment contracts.
Rotary and Mission Systems' fourth quarter of 2023 decreased by 2% to $4.7 billion due to lower sales of integrated warfare systems and sensors.
Space's net sales in the fourth quarter improved by 3% to $3.4 billion.
Guidance: Lockheed Martin sees fiscal year 2024 net sales $68.5 billion-$70 billion versus the consensus of $68.65 billion.
The Bethesda, Maryland-based company expects fiscal year 2024 diluted EPS of $25.65-$26.35 compared to the consensus of $26.62.
Price Action: LMT shares are down 0.89% at $454.65 on the last check Tuesday.
