Lockheed Martin posted $17.1 billion in net sales and $1.6 billion in net earnings during the third quarter of 2024.
The defense contractor said Tuesday in its financial results for the quarter ended Sept. 29 that its net sales grew 1 percent compared to $16.9 billion in Q3 2023.
Business Segment Financial Results
The aeronautics and rotary and mission systems businesses of Lockheed achieved $6.5 billion and $4.4 billion in Q3 net sales, respectively. Meanwhile, the other segments, missiles and fire control and space, reported upwards of $3 billion each.
Lockheed also reported cash from operations of $2.4 billion and free cash flow of $2.1 billion.
Jim Taiclet, chairman, president and CEO of Lockheed, remarked, “In the third quarter, we advanced our strategic, operational and financial priorities, as demonstrated by our record backlog of more than $165 billion, 48 F-35 deliveries, increased production on missile programs and $2.1 billion of free cash flow generation.”
2024 Outlook
The 2024 Wash100 Award recipient also said Lockheed is increasing its outlook for full year 2024 sales, segment operating profit, EPS and free cash flow considering the strong year-to-date results.
Lockheed now anticipates $71.25 billion in 2024 net sales and $7.48 billion in business segment operating profit for the full year.
“Looking forward, we continue to make progress on the three key initiatives of our 21st Century Security strategy of strengthening the resiliency and scalability of our production system, accelerating cutting edge digital and physical technologies into all our mission solutions and our internal operations, and expanding international partnerships to broaden our production capacity and drive more international sales,” said Taiclet.
