How did LMT's Q1 2024 earnings surprise the market?

Lockheed Martin's (LMT) Q1 2024 earnings exceeded market expectations with a net income of $1.55 billion, net income surprise of $0.53, and an EPS surprise of $0.65. This positive performance was bolstered by strong demand for its advanced defense tech solutions and a record backlog of $160.6 billion. Despite the earnings beat, the company's stock experienced a slight decline, which can be attributed to concerns over supply chain disruptions and potential delays in the F-35 fighter jet program. Overall, the Q1 2024 earnings report reflected Lockheed Martin's solid financial performance and growth prospects, despite the challenges posed by the supply chain issues.