Lockheed Martin Shares Slide 6% Despite Beating EPS Expectations and Record Backlog
1min read On October 22, Lockheed Martin shares fell by 6.12%. The company posted a total revenue of $52.421 billion for the period ending September 29, 2024, reflecting a year-on-year growth of 7.65%. However, net earnings available to common shareholders decreased by 4.85% to $4.809 billion.
The day also marked a significant update in the company's financial maneuvers as Lockheed Martin repurchased shares worth $2.7 billion during the third quarter of 2024, showcasing a strategic effort to enhance shareholder value.
Furthermore, Lockheed Martin disclosed its third-quarter performance, revealing a 1% increase in sales to $17.1 billion, although this number fell short of the analysts' forecast of $17.38 billion. Notably, the adjusted earnings per share hit $6.84, surpassing expectations of $6.50, reflecting strong operational efficiency and cost management.
CEO Jim Taiclet highlighted the record-breaking backlog exceeding $165 billion, demonstrating robust demand and solid contractual commitments. For the full fiscal year of 2024, the company has revised its sales outlook to approximately $71.25 billion, slightly above the midpoint of the previously projected range. Additionally, the earnings per share forecast was adjusted upwards to $26.65, indicating confidence in continued financial stability.
