LMT - Why Lockheed Martin Stock Dropped Today
2024-01-23 16:47:57 ET
Shares of Lockheed Martin (NYSE: LMT) fell 4.2% on Tuesday as stronger-than-expected quarterly results from the defense and aerospace giant were overshadowed by its mixed outlook for the coming year. The market also appears concerned for the risk of delays surrounding the first deliveries of its next-gen F-35 fighter jets.
For Lockheed's fourth quarter of 2023, net sales declined 0.6% year over year to $18.87 billion, while its adjusted ( non-GAAP ) earnings increased 1.4% over the same period on a per-share basis to $7.90. Analysts, on average, were modeling lower earnings of $7.26 per share on revenue of $17.97 billion.
Lockheed Martin chairman and CEO Jim Taiclet called it a "solid finish to 2023," crediting "strong demand for [its] all-domain portfolio of advanced defense tech solutions."
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Why Lockheed Martin Stock Dropped Today