The earnings call highlighted strong backlog, increased dividends, cash flow, and international collaborations, indicating robust demand and financial health. However, challenges remain with the F-35 program and classified projects. The positive aspects, including the strong financial outlook and operational achievements, slightly outweigh the ongoing difficulties and uncertainties.

Company Guidance

During the Lockheed Martin Q3 2024 earnings call, the company provided robust guidance across several metrics, underscoring its strong performance and future prospects. The demand for Lockheed Martin's systems and services remained high, with the company ending the quarter with a record backlog exceeding $165 billion, supported by a book-to-bill ratio of 1.3. Sales increased compared to the previous year’s third quarter, with segment operating margins expanding by 20 points to 10.9%, particularly driven by Missiles and Fire Control. Free cash flow reached $2.1 billion, and the company raised its quarterly dividend by 5% to $3.30, marking the 22nd consecutive year of increases. Lockheed Martin delivered 48 F-35 aircraft during the quarter, with expectations to deliver between 90 and 110 aircraft in 2024. The company outlined plans for further investments in autonomy and AI, enhancing capabilities of major platforms. Looking forward, Lockheed Martin anticipates a low single-digit compound annual growth rate in sales through 2027, with potential for mid-single-digit growth contingent on production improvements and new business campaigns.

Record Backlog and Book-to-Bill Ratio

Lockheed Martin ended Q3 with a record backlog of more than $165 billion, reflecting a book-to-bill ratio of 1.3 for the quarter.

Dividend Increase and Share Repurchase

The Board raised the quarterly dividend by 5% to $3.30, marking the 22nd consecutive year of increases, and extended the share repurchase authorization.

Strong Free Cash Flow

Free cash flow was reported at $2.1 billion for the quarter, continuing strong cash generation and working capital efficiencies.

Missiles and Fire Control Growth

Missiles and Fire Control segment showed an 8% increase in sales year-over-year, with a strong book-to-bill ratio of 2.7, leading to a record backlog of over $40 billion.

Significant International Collaboration

Lockheed Martin expanded international collaborations with countries like Australia, Germany, Poland, and India, reflecting a global approach to production and sustainment.

Positive Financial Outlook for 2024

The company increased its financial outlook for 2024 with higher sales, segment operating profit, earnings per share, and free cash flow expectations.

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Lockheed Martin (LMT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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LMT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 28, 2025	2024 (Q4)	6.58 / -	7.9	―	―	―
Oct 22, 2024	2024 (Q3)	6.50 / 6.84	6.77	1.03% (+0.07)
Jul 23, 2024	2024 (Q2)	6.46 / 7.11	6.73	5.65% (+0.38)
Apr 23, 2024	2024 (Q1)	5.82 / 6.33	6.43	-1.56% (-0.10)
Jan 23, 2024	2023 (Q4)	7.27 / 7.90	7.79	1.41% (+0.11)
Oct 17, 2023	2023 (Q3)	6.67 / 6.77	6.87	-1.46% (-0.10)
Jul 18, 2023	2023 (Q2)	6.45 / 6.73	1.16	480.17% (+5.57)
Apr 18, 2023	2023 (Q1)	6.00 / 6.43	6.44	-0.16% (-0.01)
Jan 24, 2023	2022 (Q4)	7.41 / 7.79	7.47	4.28% (+0.32)
Oct 18, 2022	2022 (Q3)	6.66 / 6.87	2.21	210.86% (+4.66)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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LMT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 22, 2024	$610.78	$573.38	-6.12%
Jul 23, 2024	$469.02	$495.40	+5.62%
Apr 23, 2024	$452.86	$451.63	-0.27%
Jan 23, 2024	$447.06	$428.45	-4.16%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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