financetom
Business
financetom
/
Business
/
Lockheed Martin beats Q1 profit estimates on strong demand
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Lockheed Martin beats Q1 profit estimates on strong demand
Apr 23, 2024 5:50 AM

By Shivansh Tiwary and Mike Stone

April 23 (Reuters) - U.S. weapons maker Lockheed Martin ( LMT )

beat Wall Street expectations for first-quarter sales

and profit on Tuesday, as simmering geopolitical tensions

prompted some countries to boost their defense spending, driving

demand for new weapons.

Shares of the company, which is considered a bellwether for

the arms sector, rose nearly 2% in premarket trading.

Sales in Lockheed's missiles and fire control unit jumped

25.3% to nearly $3 billion, boosted by strong demand for high

mobility artillery rocket system (HIMARS) and guided multiple

launch rocket system (GMLRS), key weapons used by Ukraine in its

conflict with Russia.

Sales in the company's aeronautics business, its biggest

unit and which makes the F-35 fighter jets, rose 9.2% to $6.85

billion.

"These first-quarter results reinforce our confidence in our

ability to achieve the full-year financial expectations we set

in January," CEO Jim Taiclet said in a statement.

It had forecast full-year net sales of $68.5 billion to $70

billion and a profit of $25.65 and $26.35 per share.

It started the year with a quarterly profit of $6.39 per

share, which was well above analysts' expectations of $5.83 per

share, according to LSEG data.

Lockheed's first-quarter net sales rose 14% to $17.2

billion, also beating analysts' expectations of $16.02 billion.

Last week, the U.S. Missile Defense Agency said Lockheed won

a $17 billion contract to develop the next generation of

interceptors to defend the United States against an

intercontinental ballistic missile attack.

Rivals Northrop Grumman ( NOC ) and General Dynamics ( GD )

are due to report quarterly results later this week.

(Reporting by Pratyush Thakur and Shivansh Tiwary in Bengaluru;

Editing by Anil D'Silva and Savio D'Souza)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
India's Reliance Infra, Reliance Power say no impact from criminal case against Anil Ambani
India's Reliance Infra, Reliance Power say no impact from criminal case against Anil Ambani
Aug 24, 2025
MUMBAI, Aug 24 (Reuters) - A criminal investigation into Indian industrialist Anil Ambani and his company Reliance Communications has no impact on Reliance Power and Reliance Infrastructure , the two companies said in separate releases on Sunday. On Saturday, India's Central Bureau of Investigation (CBI) conducted search operations in Mumbai at Ambani's house and the offices of the now-insolvent Reliance...
SpaceX eyes Starship reusability milestones in rocket's tenth flight test
SpaceX eyes Starship reusability milestones in rocket's tenth flight test
Aug 24, 2025
(Reuters) -Elon Musk's SpaceX is set to launch its massive Starship rocket for a tenth time from Texas on Sunday to achieve several long-sought development milestones missed due to past tests ending in early failures. The 232-foot tall Super Heavy booster and its 171-feet (52 meters) tall Starship upper half sat stacked on a launch mount at SpaceX's Starbase rocket...
Vietnam plans mass evacuation, China's Sanya shuts as Typhoon Kajiki intensifies
Vietnam plans mass evacuation, China's Sanya shuts as Typhoon Kajiki intensifies
Aug 24, 2025
* Vietnam to evacuate over 586,000 people * Vietnam airlines cancel dozens of flights to and from central cities * China resort city Sanya shuts businesses, public transport * Kajiki to make landfall in south China or central Vietnam (Recasts headline, paragraph 1 with Vietnam, adds details in paragraphs 3-6, 17, bullets, changes media slug dateline, changes media slug; previous...
Iraq raises refining capacity to 1.3 million bpd
Iraq raises refining capacity to 1.3 million bpd
Aug 24, 2025
CAIRO, Aug 24 (Reuters) - Iraq has raised its oil refining capacity to 1.3 million barrels per day from 1.1 million bpd in 2024, the prime minister's office said in a statement on Sunday. The OPEC member aims to reach refining capacity of 1.65 million barrels per day, the prime minister said this year. The move should bring Iraq closer...
Copyright 2023-2026 - www.financetom.com All Rights Reserved