Why did LMT's EPS surprise vary in 2024?

Lockheed Martin's EPS surprise varied in 2024 due to several factors influencing the company's financial performance:

1. **Revenue Growth**: Lockheed Martin experienced revenue growth in key quarters, with Q1 and Q2 revenues surpassing expectations at $17.2 billion and $18.12 billion, respectively. This growth was driven by strong defense sales and the delivery of F-35 aircraft.
2. **Expense Factors**: The company's profit margin slightly decreased due to higher expenses, which impacted net income and EPS in certain quarters. For example, in Q1 2024, net income fell by 8.5% and EPS decreased from $6.63 to $6.42. Similarly, in Q2 2024, net income decreased by 2.4% and profit margin fell to 9.1% due to higher expenses.
3. **Analyst Estimates and Adjustments**: Analyst estimates for Lockheed Martin's EPS and revenue were adjusted several times throughout the year. For instance, Seaport Res Ptn lowered Q1 and Q3 2024 EPS estimates, while Zacks Research decreased Q2 2024 EPS estimates. These adjustments reflect the evolving landscape of business trends and reflect the challenges in predicting the company's performance.
4. **Market Conditions and External Factors**: External factors such as delays in the F-35 jet program caused turbulence in the stock market and affected investor sentiment. Such events can impact financial performance and, consequently, EPS surprises.

In summary, Lockheed Martin's EPS surprise variations in 2024 were influenced by revenue growth, expense factors, analyst adjustments, and external market conditions. These factors combined to impact the company's financial performance and EPS figures.