Summary by Moomoo AI
Lockheed Martin Corporation reported solid Q2 2024 financial results with net sales increasing 9% to $18.1 billion, compared to $16.7 billion in Q2 2023. Net earnings were $1.6 billion ($6.85 per share), while operating margin remained stable at 11.9%. The company's backlog stood at $158.3 billion at quarter-end, with approximately 36% expected to be converted to sales within 12 months.All business segments delivered growth, with Rotary and Mission Systems leading at 17% increase to $4.5 billion, followed by Missiles and Fire Control up 13% to $3.1 billion. Aeronautics sales rose 6% to $7.3 billion, driven by higher F-35 program volume. The company recorded $87 million in impairment and severance charges related to its Sikorsky business review following the cancellation of the FARA program.Looking ahead, Lockheed Martin continues to see strong international demand for F-35 aircraft, with new orders from Korea, Czech Republic, and potential sales to Greece and Singapore. The company began deliveries of TR-3 configured F-35 aircraft in July 2024 and expects to deliver between 75-110 aircraft in the second half of 2024. Supply chain challenges and inflation pressures remain key focus areas for management.
