What's Going On With Lockheed Martin Shares Today?

Lockheed Martin Corporation LMT shares are trading higher after the company reported better-than-expected Q1 results.

What Happened: On Tuesday morning prior to market open, Lockheed Martin reported its Q1 financial results for the period ended March 26, 2023. The company also provided guidance for full-year 2023.

The Details: Lockheed Martin reported quarterly earnings of $6.61 per share compared to the analyst consensus estimate of $6.06 per share, representing a 9.08% positive earnings surprise. The company reported quarterly sales of $15.13 billion compared to the analyst consensus estimate of $15.04 billion, representing a slight positive earnings surprise.

Lockheed also reaffirmed its FY23 outlook. The company expects yearly earnings between $26.60-$26.90 compared to the consensus analyst estimate of $26.78. The company expects FY23 revenue in the range of $65-$66 billion compared to the concensus analyst estimate of $65.71 billion.

"We remain on track to achieve our full-year 2023 financial guidance and continue our robust approach to returning capital to shareholders, with $500 million in share repurchases and $784 million in dividends distributed in the first quarter," said Lockheed Martin Chairman, President, and CEO Jim Taiclet.

Lockheed Martin Corporation is a global security and aerospace company that employs approximately 116,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products, and services.

According to data from Benzinga Pro, Lockheed Martin Corporation shares were up 2.12%, trading at $500.03 at the time of publication. The stock has a 52-week high of $498.75 and a52-week low of $374.00.