Lockheed Martin Lifts FY24 EPS View Above Market - Update

(RTTNews) - Lockheed Martin Corp. (LMT) Tuesday raised its fiscal 2024 earnings view above market estimates after reporting higher third-quarter earnings per share, also above the Street.

The outlook revision reflects strong year-to-date results and confidence in its near-term performance.

For fiscal 2024, the company now expects earnings per share of around $26.65, higher than previously expected $26.10 to $26.60.

Analysts on average expect the company to report earnings of $26.44 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Business segment operating profit is now expected to be around $7.48 billion, compared to prior outlook of $7.35 billion to $7.50 billion.

Net sales are now expected to be around $71.25 billion, compared to earlier expected $70.50 billion to $71.50 billion. The Street is looking for sales of $71.06 billion for the year.

Citing confidence in the company's ability to deliver on these objectives, the Board has also approved a five percent increase in quarterly dividend $3.30 per share.

In its third quarter, Lockheed Martin's bottom line came in at $1.623 billion, down from $1.684 billion last year. Earnings per share, however, grew to $6.80 from $6.73 last year.

Adjusted earnings were $1.633 billion or $6.84 per share for the period, compared to $6.77 per share last year. Analysts had expected the company to earn $6.50 per share

The company's net sales for the quarter rose 1.3 percent to $17.104 billion from $16.878 billion last year. The Street was looking for sales of $17.35 billion.

In pre-market activity on the NYSE, Lockheed Martin shares were up 0.5 percent to trade at $617.80

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