Lockheed Martin (NYSE:LMT) shares are on the rise today after the defense and aerospace major delivered better-than-expected first-quarter results and reaffirmed its financial outlook.
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LMT’s Robust Momentum
During the quarter, LMT’s revenue jumped by 13.9% year-over-year to $17.2 billion. The figure exceeded expectations by $1.15 billion. Furthermore, its EPS of $6.33 outpaced consensus by $0.51.
Lockheed operates across four business segments: Aeronautics, Missile and Fire control (MFC), Rotary and Mission Systems (RMS), and Space. The company clocked higher sales across its business segments, with net sales in Aeronautics, its largest segment, rising to $6.84 billion from $6.27 billion compared to the previous year. This performance was driven by robust momentum in the company’s F-35 program.
LMT’s Healthy Order Book
Moreover, Lockheed’s total order backlog stood at a healthy $159.37 billion at the end of March 2024. Notably, this order backlog includes multiple large National Security Space awards.
Recently, the company bagged a $17 billion contract from the Missile Defense Agency to develop next-generation interceptors. Additionally, it unveiled its new Mako hypersonic missile.
Lockheed Martin’s Future Outlook
For Fiscal year 2024, LMT expects net sales to range between $68.5 billion and $70 billion, with EPS projected to land between $25.65 and $26.35.
What Is the Future Price of LMT Stock?
Shares of the company have rallied by nearly 33% over the past three years. Overall, the Street has a Hold consensus rating on the stock, alongside an average LMT price target of $478.07. However, analysts’ views on Lockheed could see changes following today’s earnings report.
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