Lockheed Martin has maintained its financial outlook for FY24, projecting net sales of between $68.5bn and $70bn. Credit: JHVEPhoto/Shutterstock.com.

Lockheed Martin has reported net earnings of $1.54bn in Q1 FY24, down by 8.5% from $1.68bn in Q1 FY23. 

The reported quarter, which ended on 31 March 2024, saw diluted earnings per share of $6.39 compared with $6.61 per share in the same quarter of the previous year.  

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In FY24, the Q1 results included an additional week of operations, with 13 weeks compared with 12 weeks in Q1 2023. 

Net sales was $17.19bn in Q1 FY24 from $15.12bn in Q1 FY23.  

Segment-wise, the Aeronautics business reported a 9% increase in net sales to $6.84bn in Q1 FY24 as against $6.26bn in last year’s Q1.  

The Missiles and Fire Control segment experienced a 25% rise in net sales to $2.99bn in Q1 FY24 versus $2.38bn in Q1 FY23.  

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The company recorded 16% growth in net sales in its Rotary and Mission Systems segment, reaching $4.08bn in Q1 FY24 from $3.51bn in Q1 FY23.  

The Space business also reported a 10% jump in net sales in Q1 FY24 to $3.26bn from $2.95bn in last year’s Q1. 

Total business segment operating profit for Q1 FY24 was $1.74bn from $1.68bn in Q1 FY23, while total consolidated operating profit was $2.02bn in Q1 FY24 versus $2.03bn in the same quarter last year. 

Cash from operations totalled $1.63bn in Q1 FY24, compared with $1.56bn in Q1 FY23.  

Free cash flow for the reported quarter was $1.25bn, a slight decrease from $1.27bn in Q1 FY23.  

Gross profit for Q1 FY24 stood at $1.99bn, while it was $2.04bn in Q1 the previous year. 

Lockheed Martin has maintained its financial outlook for FY24, projecting net sales of between $68.5bn and $70bn, and diluted earnings per share ranging from $25.65 to $26.35. 

Lockheed Martin chairman, president and CEO Jim Taiclet said: “First quarter sales increased significantly year-over-year and we generated free cash flow of nearly $1.3bn, while taking assertive actions to further strengthen production capacity.  

“In addition, we continued our disciplined and dynamic capital deployment by investing over $700m into R&D [research and development] 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 long-term.”