- Lockheed Martin Corp LMT reported a first-quarter FY22 net sales decline of 8% year-over-year to $14.96 billion, missing the consensus of $15.55 billion.
- EPS declined to $6.44 from $6.56 in 1Q21, beating the consensus of $6.21.
- The operating profit decreased by 11.4% Y/Y to $1.93 billion, and the margin contracted by 50 bps to 12.9%.
- Aeronautics sales of $6.4 billion (+0.22% Y/Y) and operating margin 10.6%, down by 30 bps.
- Missiles and Fire Control sales of $2.45 billion (-11% Y/Y); operating margin 15.7%, up by 130 bps.
- Rotary and Mission Systems sales of $3.55 billion (-14% Y/Y); operating margin 9.8%, down 70 bps.
- Space net sales of $2.56 billion (-15% Y/Y); operating margin 9.6%, up by 210 bps.
- Lockheed Martin generated cash from operating activities for the quarter of $1.41 billion, compared to $1.75 billion a year ago. Free cash flow was $1.14 billion.
- LMT returned $2.8 billion of cash to shareholders through share repurchases and dividends during the quarter.
- At the end of the quarter, the company's total backlog was $134.23 billion, a slight decline of 0.83% from December 31, 2021.
- FY22 Outlook reaffirmed: Lockheed Martin expects net sales of ~$66 billion versus the consensus of $66.11 billion. EPS of ~$26.70, versus the consensus of $26.80.
- It expects a Business segment operating profit of $7.18 billion, cash from operations of ~$7.9 billion, and free cash flow of ~$6 billion.
- Price Action: LMT shares are trading lower by 2.02% at $458.00 during the premarket session on Tuesday.
- Photo Via Wikimedia Commons
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