LMT - Lockheed Martin indicated lower after wide Q1 sales miss

Lockheed Martin (NYSE:LMT) -2.3% pre-market after reporting Tuesday that Q1 adjusted earnings beat estimates but revenues came in more than $500M short of expectations, hurt by supply chain snags triggered by COVID-19. Q1 net income slipped to $1.73B, or $6.44/share, from $1.84B, or $6.56/share, in the year-earlier quarter, as sales fell 8% to $14.96B and operating profit slid 11% to $1.93B. Free cash flow was $1.1B in Q1 2022, compared to $1.5B in Q1 2021. Q1 sales by segment: Aeronautics +0.2% Y/Y to $6.4B, Rotary and Mission Systems -14% to $3.55B, Space -15% to $2.56B, Missiles and Fire Control -11% to $2.45B. Q1 operating profit by segment: Aeronautics -2% Y/Y to $679M, Rotary and Mission Systems -20% to $348M, Space +8% to $245M, Missiles and Fire Control -3% to $384M. The company reaffirmed FY 2022 guidance of EPS ~$26.70 vs. $26.78 analyst consensus on revenues of ~$66B vs. $66.1B consensus.

For further details see:

Lockheed Martin indicated lower after wide Q1 sales miss