From Financial Modeling Prep: 2024-10-22 15:51:00

Lockheed Martin (NYSE:LMT) shares dropped over 6% today after reporting third-quarter revenues slightly below analyst expectations. However, the defense contractor provided an optimistic outlook for fiscal year 2024, surpassing Wall Street projections. Q3 adjusted EPS was $6.84, beating estimates, but revenue was $17.1 billion, below the expected $17.37 billion.

Looking forward, Lockheed Martin raised its fiscal year 2024 EPS guidance to $26.65, exceeding the analyst consensus of $26.44. The company also increased its revenue outlook for fiscal 2024 to $71.25 billion, surpassing the previous range and exceeding the Street estimate of $71.06 billion.

In the third quarter, Lockheed Martin achieved significant strategic progress, with a record-breaking $165 billion backlog, delivery of 48 F-35 fighter jets, and increased missile production. The company generated $2.1 billion in free cash flow, showcasing its strong financial position as it moves ahead in 2024.



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