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Key Takeaways
- Lockheed Martin beat analysts’ revenue and profit expectations when it posted second-quarter earnings Tuesday.
- The company also raised its full-year guidance.
- Lockheed Martin Chief Executive Officer (CEO) Jim Taiclet touted the defense and aerospace contractor’s $160 billion order backlog.
Lockheed Martin ( LMT ) surpassed analysts’ expectations with its second-quarter results Tuesday and raised its full-year outlook, sending shares higher.
The defense and aerospace contractor lifted its full-year revenue projection to a range of $70.5 billion to $71.5 billion from its April guidance of $68.5 billion to $70 billion, and its earnings per share (EPS) guidance to $26.10 to $26.60 from $25.65 to $26.35.
For the second quarter, Lockheed posted EPS of $6.85 on net sales of $18.12 billion, topping Visible Alpha consensus analysts’ estimates of $6.45 and $17.03 billion.
Backlog Equals More Than Two Times Annual Revenue
“Operationally, the F-35 [single-engine fighter jet] remains a top priority, and we recently delivered the first Technology Refresh 3-configured aircraft to the customer and anticipate deliveries for 2024 to meet our expected range of 75-110 F-35s,” Chief Executive Officer (CEO) Jim Taiclet said.
“Demand for our defense technology solutions remains robust, with a backlog of nearly $160 billion, greater than two times annual revenue,” Taiclet added. Lockheed Martin reported net sales of $67.6 billion in 2023.
Shares of Lockheed Martin rose 4.8% to $497.27 as of 2:50 p.m. ET Tuesday. They’re up almost 10% in 2024.