- Lockheed Martin Corp LMT reported fourth-quarter FY21 net sales growth of 4.1% year-over-year to $17.73 billion, beating the consensus of $17.66 billion.
- EPS improved to $7.47 compared to $6.38 in 4Q20, beating the consensus of $7.15.
- The operating profit increased by 7.3% Y/Y to $2.46 billion, and the margin expanded by 41 bps to 13.8%.
- Aeronautics sales of $7.13 billion (+6.2% Y/Y); operating margin 11.5%, up by 70 bps, and backlog at the end of the quarter was $49.12 billion (-13.1% Y/Y).
- Missiles and Fire Control sales of $3.22 billion (+12% Y/Y); operating margin 13.6% up by 60 bps, and backlog at the end of the quarter was $27.02 billion (-7.4% Y/Y).
- Rotary and Mission Systems sales of $4.46 billion (+6% Y/Y); operating margin 10%, up 40 bps, and backlog at the end of the quarter was $33.7 billion (-7% Y/Y).
- Space net sales of $2.92 billion (-10% Y/Y); operating margin 10.5%, down by 90 bps, and backlog at the end of the quarter was $25.52 billion (+1.5% Y/Y).
- Lockheed Martin generated cash from operating activities for FY21 of $9.22 billion, compared to $8.18 billion a year ago.
- At the end of the quarter, the company's total backlog was $135.36 billion (-8% Y/Y).
- Lockheed Martin believes it is highly likely that the FTC will vote to sue to block the Aerojet Rocketdyne Holdings Inc AJRD transaction and expects they will decide before January 27, 2022.
- FY22 Outlook: Lockheed Martin expects net sales of ~$66 billion versus the consensus of $66.3 billion. EPS of ~$26.70, above the consensus of $26.28.
- Price Action: LMT shares are trading higher by 0.77% at $376.22 on the last check Tuesday.
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