LOCKHEED MARTIN CORPORATION Lockheed Martin Corporation Consolidated Statements of Earnings1 (unaudited; in millions, except per share data)
Quarters Ended | |||||
March 31, | March 26, | ||||
2024 | 2023 | ||||
Net sales | $ | 17,195 | $ | 15,126 | |
Cost of sales | (15,202) | (13,080) | |||
Gross profit | 1,993 | 2,046 | |||
Other income (expense), net | 36 | (9) | |||
Operating profit | 2,029 | 2,037 | |||
Interest expense | (255) | (202) | |||
Non-service FAS pension income | 16 | 110 | |||
Other non-operating income, net | 45 | 49 | |||
Earnings before income taxes | 1,835 | 1,994 | |||
Income tax expense | (290) | (305) | |||
Net earnings | $ | 1,545 | $ | 1,689 | |
Effective tax rate | 15.8% | 15.3% | |||
Earnings per common share | |||||
Basic | $ | 6.42 | $ | 6.63 | |
Diluted | $ | 6.39 | $ | 6.61 | |
Weighted average shares outstanding | |||||
Basic | 240.7 | 254.7 | |||
Diluted | 241.6 | 255.7 | |||
Common shares reported in stockholders' equity at end of period | 239 | 254 |
1 The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on March 31, for the first quarter of 2024 and March 26, for the first quarter of 2023. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31.
Table 1
Lockheed Martin Corporation
Business Segment Summary Operating Results (unaudited; in millions)
Quarters Ended | |||||||||
March 31, | March 26, | ||||||||
2024 | 2023 | % Change | |||||||
Net sales | |||||||||
Aeronautics | $ | 6,845 | $ | 6,269 | 9% | ||||
Missiles and Fire Control | 2,993 | 2,388 | 25% | ||||||
Rotary and Mission Systems | 4,088 | 3,510 | 16% | ||||||
Space | 3,269 | 2,959 | 10% | ||||||
Total net sales | $ | 17,195 | $ | 15,126 | 14% | ||||
Operating profit | |||||||||
Aeronautics | $ | 679 | $ | 675 | 1% | ||||
Missiles and Fire Control | 311 | 377 | (18%) | ||||||
Rotary and Mission Systems | 430 | 350 | 23% | ||||||
Space | 325 | 280 | 16% | ||||||
Total business segment operating | 1,682 | 4% | |||||||
profit | 1,745 | ||||||||
Unallocated items | |||||||||
FAS/CAS operating adjustment | 406 | 415 | |||||||
Intangible asset amortization expense | (61) | (62) | |||||||
Other, net | (61) | 2 | |||||||
Total unallocated items | 284 | 355 | (20%) | ||||||
Total consolidated operating profit | $ | 2,029 | $ | 2,037 | -% | ||||
Operating margin | |||||||||
Aeronautics | 9.9% | 10.8% | |||||||
Missiles and Fire Control | 10.4% | 15.8% | |||||||
Rotary and Mission Systems | 10.5% | 10.0% | |||||||
Space | 9.9% | 9.5% | |||||||
Total business segment operating margin | 10.1% | 11.1% | |||||||
Total consolidated operating margin | 11.8% | 13.5% |
Table 2
Lockheed Martin Corporation Selected Financial Data (unaudited; in millions)
2024 | 2023 | ||||
Outlook | Actual | ||||
Total FAS income CAS cost | |||||
FAS pension income | $ | - | $ | 378 | |
Less: CAS pension cost | 1,685 | 1,725 | |||
Total FAS/CAS pension adjustment | $ | 1,685 | $ | 2,103 | |
Service and non-service cost reconciliation | |||||
FAS pension service cost | $ | (60) | $ | (65) | |
Less: CAS pension cost | 1,685 | 1,725 | |||
Total FAS/CAS pension operating adjustment | 1,625 | 1,660 | |||
Non-service FAS pension income | 60 | 443 | |||
Total FAS/CAS pension adjustment | $ | 1,685 | $ | 2,103 |
Table 3
Lockheed Martin Corporation
Consolidated Balance Sheets (unaudited, in millions, except par value)
March 31, | Dec. 31, | ||||
2024 | 2023 | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | $ | 2,790 | $ | 1,442 | |
Receivables, net | 2,257 | 2,132 | |||
Contract assets | 14,050 | 13,183 | |||
Inventories | 3,278 | 3,132 | |||
Other current assets | 583 | 632 | |||
Total current assets | 22,958 | 20,521 | |||
Property, plant and equipment, net | 8,354 | 8,370 | |||
Goodwill | 10,789 | 10,799 | |||
Intangible assets, net | 2,151 | 2,212 | |||
Deferred income taxes | 3,024 | 2,953 | |||
Other noncurrent assets | 7,687 | 7,601 | |||
Total assets | $ | 54,963 | $ | 52,456 | |
Liabilities and equity | |||||
Current liabilities | |||||
Accounts payable | $ | 3,523 | $ | 2,312 | |
Salaries, benefits and payroll taxes | 2,679 | 3,133 | |||
Contract liabilities | 8,745 | 9,190 | |||
Current maturities of long-term debt | 168 | 168 | |||
Other current liabilities | 2,584 | 2,134 | |||
Total current liabilities | 17,699 | 16,937 | |||
Long-term debt, net | 19,250 | 17,291 | |||
Accrued pension liabilities | 6,133 | 6,162 | |||
Other noncurrent liabilities | 5,231 | 5,231 | |||
Total liabilities | 48,313 | 45,621 | |||
Stockholders' equity | |||||
Common stock, $1 par value per share | 239 | 240 | |||
Additional paid-in capital | - | - | |||
Retained earnings | 15,222 | 15,398 | |||
Accumulated other comprehensive loss | (8,811) | (8,803) | |||
Total stockholders' equity | 6,650 | 6,835 | |||
Total liabilities and equity | $ | 54,963 | $ | 52,456 | |
Table 4
Lockheed Martin Corporation Consolidated Statements of Cash Flows (unaudited; in millions)
Quarters Ended | |||||
March 31, | March 26, | ||||
2024 | 2023 | ||||
Operating activities | |||||
Net earnings | $ | 1,545 | $ | 1,689 | |
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||
Depreciation and amortization | 351 | 325 | |||
Stock-based compensation | 61 | 57 | |||
Deferred income taxes | (77) | (117) | |||
Changes in assets and liabilities | |||||
Receivables, net | (125) | (78) | |||
Contract assets | (867) | (871) | |||
Inventories | (146) | (383) | |||
Accounts payable | 1,301 | 1,217 | |||
Contract liabilities | (445) | (152) | |||
Income taxes | 341 | 414 | |||
Qualified defined benefit pension plans | (1) | (94) | |||
Other, net | (303) | (443) | |||
Net cash provided by operating activities | 1,635 | 1,564 | |||
Investing activities | |||||
Capital expenditures | (378) | (294) | |||
Other, net | 6 | 35 | |||
Net cash used for investing activities | (372) | (259) | |||
Financing activities | |||||
Issuance of long-term debt, net of related costs | 1,980 | - | |||
Repurchases of common stock | (1,000) | (500) | |||
Dividends paid | (780) | (784) | |||
Other, net | (115) | (128) | |||
Net cash provided by (used for) financing activities | 85 | (1,412) | |||
Net change in cash and cash equivalents | 1,348 | (107) | |||
Cash and cash equivalents at beginning of period | 1,442 | 2,547 | |||
Cash and cash equivalents at end of period | $ | 2,790 | $ | 2,440 | |
Table 5
Lockheed Martin Corporation
Other Financial and Operating Information
(unaudited; in millions, except for aircraft deliveries and weeks)
Backlog | March 31, | Dec. 31, | |||
2024 | 2023 | ||||
Aeronautics | $ | 57,035 | $ | 60,156 | |
Missiles and Fire Control | 31,297 | 32,229 | |||
Rotary and Mission Systems | 38,030 | 37,726 | |||
Space | 33,006 | 30,456 | |||
Total backlog | $ | 159,368 | $ | 160,567 | |
Quarters Ended | |||||
March 31, | March 26, | ||||
Aircraft Deliveries | 2024 | 2023 | |||
F-35 | - | 5 | |||
F-16 | 3 | 1 | |||
C-130J | 4 | 2 | |||
Government helicopter programs | 13 | 10 | |||
Commercial helicopter programs | - | 1 | |||
International military helicopter programs | - | - | |||
Number of Weeks in Reporting Period1 | 2024 | 2023 | |||
First quarter | 13 | 12 | |||
Second quarter | 13 | 13 | |||
Third quarter | 13 | 13 | |||
Fourth quarter | 13 | 14 |
1 Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month, except for the month of Dec., as its fiscal year ends on Dec. 31. As a result, the number of weeks in a reporting quarter may vary slightly during the year and for comparable prior year periods.
Table 6
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Lockheed Martin Corporation published this content on 23 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2024 11:50:04 UTC.
