Summary by Moomoo AI
Lockheed Martin Corporation reported Q3 2024 net sales of $17.1 billion, a 1.3% increase from $16.9 billion in Q3 2023. Net earnings were $1.62 billion ($6.80 per share), compared to $1.68 billion ($6.73 per share) in the prior year. The company's backlog remained robust at $165.7 billion, with approximately 35% expected to be converted to sales within 12 months.Operating profit rose to $2.14 billion from $2.04 billion year-over-year, driven by strong performance across segments. Missiles and Fire Control saw significant growth with sales up 8% to $3.18 billion, while Rotary and Mission Systems increased 6% to $4.37 billion. However, Aeronautics revenue declined 3% to $6.49 billion due to F-35 program delays.The company maintained its strategic focus on innovation and operational efficiency while managing supply chain challenges. Notable developments included the completion of the Commercial Engine Solutions business sale and plans to acquire Terran Orbital Corporation for approximately $300 million. Lockheed Martin also increased its share repurchase authorization by $3.0 billion and raised its quarterly dividend by $0.15 to $3.30 per share.
