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Lockheed Martin (NYSE:LMT) on Tuesday said sales fell in the four quarter on declining revenue in several business segments. Its stock fell as much as 1.8% before trimming the decline.
Revenue slipped less than 1% from a year earlier to $18.87 billion, beating the consensus estimate of $17.95 billion.
The defense contractor reported earnings of $1.87 billion, or $7.58 a share, compared with $1.91 billion, or $7.40 a share, a year earlier.
Adjusted earnings of $7.90 a share beat the consensus estimate of $7.25 a share.
Declines in the company’s missiles and fire control unit and its rotary and mission systems segment outweighed a gain in its space exploration group. Deliveries of the F-35 fighter fell 31% from a year earlier to 98 jets in 2023.
“Looking ahead to 2024 and beyond, our opportunities to support global security for the U.S. government and its allies remain robust with traditional and breakthrough technologies,” Jim Taiclet, chairman, president and chief executive of Lockheed (LMT), said in a statement. “We anticipate continued top-line growth in 2024 and sustained cash flow conversion and deployment, in support of our mid-single digit growth target in free cash flow per share.”
Lockheed (LMT) estimated revenue this year will be in a range of $68.5 billion to $70 billion, compared with the consensus estimate of $68.63 billion for 2024.
The company forecast yearly earnings of $25.65 a share to $26.35 a share, while analysts estimated $26.46 a share. The company is aiming for free cash flow of $6 billion to $6.3 billion, which is in line with Wall Street’s average estimate.