What is the market's earnings forecast for Lockheed Martin next quarter?

What is Lockheed Martin's latest dividend and current dividend yield?

What guidance did Lockheed Martin's management provide for the next earnings period?

What were the key takeaways from Lockheed Martin's earnings call?

What does Lockheed Martin do and what are its main business segments?

What were the key takeaways from Lockheed Martin’s earnings call?

What is the revenue and EPS growth rate for Lockheed Martin year over year?

Did Lockheed Martin beat or miss consensus estimates last quarter?

- **Record Backlog and Growth**: $179B backlog driven by $30B multiyear contracts, 9% YoY sales growth, 5% normalized growth.
- **Strategic Investments**: $9.8B PAC-3 and $9.5B JASSM/LRASM contracts for missile defense; F-35 Block 4 modernization on track.
- **Financial Strength**: $6.95 EPS, 10.9% segment margin, $6.6B free cash flow guidance; 5% dividend increase.
- **Defense Leadership**: Advanced missile defense, space systems, and F-35 enhancements for deterrence.
- **Pension Management**: Prefunding $1B of 2026 obligations for neutral 2027+ cash impact.

**【CEO Summary Section】**
- **Record Backlog and Growth**: Achieved a record backlog of $179 billion, driven by multiyear contracts totaling $30 billion in the quarter. Sales increased 9% YoY, with normalized growth of 5%.
- **Strategic Investments**: Expanded production capacity for key programs like PAC-3 MSE interceptors ($9.8B contract) and JASSM/LRASM ($9.5B), positioning for long-term growth.
- **Defense Focus**: Emphasized deterrence through advanced missile defense, space-based systems, and F-35 enhancements, with Block 4 modernization on track.
- **Shareholder Returns**: Increased dividend by 5% and repurchased $1.8B in shares, reflecting confidence in stable cash flow.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP EPS of $6.95, up 2% YoY, driven by higher segment earnings and lower share count. Free cash flow of $3.3B in Q3, year-to-date $4.1B, supporting $6.6B full-year guidance.
- **Margin Management**: Segment operating margin of 10.9%, with Space leading at 9.9% due to FBM and classified programs. MFC margins benefited from munitions production ramp-ups.
- **Pension Strategy**: Prefunding $1B of 2026 pension obligations, aiming for neutral cash impact from 2027 onward.
- **Outlook Update**: Tightened 2025 sales guidance to $74.25B-$74.75B (midpoint +5% YoY), with EPS of $22.15-$22.35, reflecting tax rate improvements.

**【Q&A Highlights】**
- **Supply Chain Confidence**: Management assured investors of supplier readiness for munitions ramps, citing investments in solid rocket motors and seeker technologies.
- **F-35 Margin Opportunities**: Transition to firm fixed-price contracts in Lot 19 may unlock higher margins, with Block 4 development on track.
- **Golden Dome Potential**: While specifics await government architecture details, Lockheed is positioned to leverage existing assets across radar, space, and missile defense.
- **Pension Mitigation**: Prefunding 2026 contributions to offset future cash impacts, maintaining disciplined capital allocation.
- **International Growth**: Focus on F-35, MFC munitions, and RMS Black Hawk exports, with Belgium and Denmark expanding fleets.

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