LMT - Lockheed Martin's Q2 earnings beat estimates as sales rise 8.1%

2023-07-18 08:00:20 ET

Lockheed Martin ( NYSE: LMT ) on Tuesday reported Q2 sales and profit that beat Wall Street’s estimates, and raised its guidance for the remainder of the year.

The biggest U.S. defense contractor said sales rose 8.1% from a year earlier to $16.69 billion in the three-month period ended June 25. The consensus estimate was for $15.89 billion in sales.

Net earnings were $1.7 billion, or $6.63 per share, compared to $309 million, or $1.16 per share, a year earlier. Analysts expected earnings of $6.45.

"Orders highlights included F-35 Lot 17 and significant awards to ramp-up PAC-3, GMLRS, and other major programs, positioning us well for the future,” Jim Taiclet, chairman and CEO of Lockheed Martin, said in a statement. “We continued our dynamic and disciplined capital allocation in the quarter, with nearly two times free cash flow returned to shareholders."

The company raised its full-year sales guidance to a range of $66.2 billion to $66.75 billion from a prior range of $65 billion to $66 billion in April.

Lockheed Martin ( LMT ) also lifted its full-year EPS guidance to a range of $27 to $27.20 from $26.60 to $26.90 previously.

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