Oct 22, 12:49 PM

Lockheed Martin Reports Q3 2024 Earnings: EPS $6.84 Beats Estimates, Revenue $17.1B Misses; Backlog $165.7B

Lockheed Martin Corporation reported its third-quarter earnings for 2024, revealing an adjusted earnings per share (EPS) of $6.84, surpassing analysts' expectations of $6.50. However, the company's revenue of $17.1 billion fell short of estimates, which were set at $17.37 billion, reflecting a 1% year-over-year increase. The defense contractor also announced a significant backlog of $165.7 billion, which is up 6.2% from the previous year. In light of its strong performance and confidence in future results, Lockheed Martin raised its full-year EPS forecast from a range of $26.10 to $26.60 to a new estimate of $26.65. Additionally, the company adjusted its sales guidance for the fiscal year to $71.25 billion, compared to the previous range of $70.50 billion to $71.50 billion. Despite the revenue miss, Lockheed Martin's stock saw a slight decline of 1.3% in pre-market trading after the announcement.

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