Lockheed Martin Corporation LMT reported fourth-quarter 2024 adjusted earnings of $7.67 per share, which beat the Zacks Consensus Estimate of $6.60 by 16.2%. The bottom line slipped 0.4% from the year-ago quarter's adjusted figure of $7.70 per share.

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The company reported GAAP earnings of $2.22 per share compared with $7.58 a year ago.

LMT reported 2024 adjusted earnings of $28.47 per share, which came in higher than the year-ago figure of $27.69. The year-over-year bottom-line figure also surpassed the Zacks Consensus Estimate of $26.70.

Operational Highlights of Lockheed

Net sales were $18.62 billion, which missed the Zacks Consensus Estimate of $18.85 billion by 1.2%. The top line also dropped 1.3% from $18.87 billion reported in the year-ago quarter.

The company reported sales of $71.04 billion in 2024, which were higher than $67.57 billion in 2023. The full-year top-line figure, however, missed the Zacks Consensus Estimate of $71.27 billion.

Lockheed Martin Corporation Price, Consensus and EPS Surprise

Lockheed Martin Corporation price-consensus-eps-surprise-chart | Lockheed Martin Corporation Quote

LMT’s Backlog

LMT’s backlog as of Dec. 31, 2024, was $176.04 billion compared with $160.57 billion as of Dec. 31, 2023.

Our model projected a backlog worth $171.32 billion for 2024.

The Aeronautics segment accounted for $62.76 billion of the total backlog amount while the Missiles and Fire Control segment contributed $38.78 billion. The Rotary and Mission Systems segment contributed $38.12 billion while the Space unit accounted for $36.38 billion.

Lockheed’s Segmental Performance

Aeronautics : Sales increased 5.2% year over year to $8.01 billion. This rise was due to higher sales volume from the F-35 program and increased volume on sustainment contracts.

The segment’s operating profit dropped 43% year over year to $434 million. The operating margin also contracted 460 basis points (bps) to 5.4%.

Missiles and Fire Control : Quarterly sales improved a solid 7.6% year over year to $3.41 billion. This was on account of higher sales from tactical and strike missile programs as well as integrated air and missile defense programs.

The segment incurred an operating loss of $804 million against the operating profit of $395 million in the prior-year quarter. The operating loss margin deteriorated to 23.6% from the year-ago operating profit margin level of 12.5%.

Space : The top line decreased 13% year over year to $2.94 billion due to lower sales from national security space programs owing to lower volume from the Next Generation Overhead Persistent Infrared. Lower commercial civil space due to decreased volume on the Orion program also contributed to this unit’s dismal sales performance.

The segment’s operating profit decreased 7.8% to $283 million. The operating margin, however, expanded 50 bps to 9.6%.

Rotary and Mission Systems : Quarterly revenues decreased 9.6% to $4.26 billion on a year-over-year basis. This decrease was primarily due to lower sales from Sikorsky helicopter programs, integrated warfare systems and sensors (IWSS) programs and various C6ISR programs.

The segment’s operating profit decreased 11.4% to $513 million. The operating margin deteriorated 30 bps to 12% in the said time frame.