- Lockheed Martin Corp LMT reported a third-quarter FY21 net sales decline of 2.8% year-over-year to $16.03 billion, missing the consensus of $17.12 billion.
- Aeronautics sales of $6.57 billion (-1.7% Y/Y); operating margin 10.9%, up by 30 bps, and backlog at the end of the quarter was $47.89 billion.
- Missiles and Fire Control sales of $2.78 billion (-6.4% Y/Y); operating margin 14.9% up by 130 bps, and backlog at the end of the quarter was $27.58 billion.
- Rotary and Mission Systems sales of $3.98 billion (-0.5% Y/Y); operating margin 11.5%, up 140 bps, and backlog at the end of the quarter was $34.1 billion.
- Space sales of $2.7 billion (-5.2% Y/Y); operating margin 9.8%, up by 110 bps, and backlog at the end of the quarter was $25.27 billion.
- EPS decreased to $2.21 compared to $6.25 in 3Q20, beating the consensus of $1.97.
- The operating profit increased by 6.8% Y/Y to $2.29 billion, and the margin expanded by 130 bps to 14.3%.
- Lockheed Martin generated Cash from operating activities year-to-date of $4.95 billion, compared to $6.38 billion a year ago.
- At the end of the quarter, the company's backlog was $134.85 billion (-8.3% Y/Y).
- Lockheed Martin recently increased its quarterly dividend by $0.20 per share to $2.80 per share, beginning with the dividend payment in Q4. Additionally, it also increased the share repurchase authority by $5 billion with $6 billion in total remaining authorization for future repurchases.
- FY21 Outlook: Lockheed Martin expects net sales of ~$67 billion (prior expectation $67.3 billion - $68.7 billion) against the consensus of $68.34 billion.
- Adjusted EPS of ~$27.17 (prior $26.70 - $27) versus the consensus of $22.19.
- FY22 preliminary outlook: Lockheed Martin expects net sales to decline from expected 2021 levels to ~$66 billion versus the consensus of $70.5 billion.
- It sees the 2022 total business segment operating margin to be ~11%. Cash from operations to be greater than or equal to $8.4 billion.
- Price Action: LMT shares are trading lower by 6.86% at $350.5 on the last check Tuesday.
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