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Lockheed Martin Corporation LMT reported first-quarter 2025 earnings of $7.28 per share, which beat the Zacks Consensus Estimate of $6.34 by 14.8%. The bottom line increased 15% from the year-ago quarter's reported figure of $6.33 per share. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
The year-over-year improvement in earnings can be attributed to higher sales and consolidated operating profit generated in the first quarter of 2025 compared with the prior-year quarter.
Net sales were $17.96 billion, which beat the Zacks Consensus Estimate of $17.76 billion by 1.1%. The top line also increased 4.5% from $17.20 billion reported in the year-ago quarter.
The year-over-year improvement was driven by higher sales growth registered by LMT’s business segments, except Space.
Lockheed Martin Corporation price-consensus-eps-surprise-chart | Lockheed Martin Corporation Quote
LMT’s backlog as of March 30, 2025, was $172.97 billion compared with $176.04 billion as of Dec. 31, 2024.
Our model projected a backlog worth $178.46 billion for the first quarter of 2025.
The Aeronautics segment accounted for $57.48 billion of the total backlog amount, while the Missiles and Fire Control segment contributed $40.64 billion. The Rotary and Mission Systems segment contributed $39.11 billion, while the Space unit accounted for $35.75 billion.
Aeronautics: Sales increased 3.1% year over year to $7.06 billion. This rise was due to higher sales volume from the F-35 program.
The segment’s operating profit increased 6% year over year to $720 million. The operating margin also expanded 30 basis points (bps) to 10.2%.
Missiles and Fire Control: Quarterly sales improved a solid 12.7% year over year to $3.37 billion. This was on account of higher sales from tactical and strike missile programs.
The segment’s operating profit increased 49.5% year over year to $465 million. The operating margin also expanded 340 bps to 13.8%.
Space: The top line decreased 2% year over year to $3.21 billion due to lower sales from national security space programs, owing to unfavorable program lifecycle on Next Generation Overhead Persistent Infrared (Next Gen OPIR) system and lower volume on Transport Layer programs.
The segment’s operating profit increased 16.6% to $379 million. The operating margin also expanded 190 bps to 11.8%.
Rotary and Mission Systems: Quarterly revenues increased 5.9% to $4.33 billion on a year-over-year basis. This increase was primarily driven by higher sales from integrated warfare systems and sensors (IWSS) programs as well as Sikorsky helicopter programs.
The segment’s operating profit increased 21.2% to $521 million. The operating margin expanded 150 bps to 12%.
Lockheed’s cash and cash equivalents totaled $1.80 billion as of March 30, 2025, compared with $2.48 billion at the end of 2024.
Cash from operating activities amounted to $1.41 billion as of March 30, 2025, compared with $1.64 billion a year ago.
Long-term debt as of March 30, 2025, totaled $18.66 billion, down from $19.63 billion as of Dec. 31, 2024.
The company reiterated its 2025 guidance.
Lockheed still expects to generate sales in the range of $73.75-$74.75 billion in 2025. The Zacks Consensus Estimate is pegged at $74.23 billion, which lies below the midpoint of the company’s sales guidance.
LMT continues to project its adjusted earnings per share to be in the range of $27.00-$27.30. The consensus estimate is currently pegged at $27.17 per share, which lies above the midpoint of the company’s guided range.
Lockheed still expects to generate cash from operations in the range of $8.50-$8.70 billion. It also continues to expect capital expenditure to be approximately $1.90 billion.
Lockheed still expects to generate a free cash flow in the range of $6.60-$6.80 billion.
LMT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Boeing Company BA is set to report first-quarter 2025 earnings on April 23, 2025, before market open.
The Zacks Consensus Estimate for BA’s loss is pegged at $1.54 per share. The consensus estimate for its sales is pegged at $19.29 billion, indicating year-over-year growth of 16.4%.
Embraer ERJ is set to report its first-quarter 2025 results soon.
The Zacks Consensus Estimate for ERJ’s earnings is pegged at 28 cents per share. The consensus estimate for its sales is pegged at $1.12 billion, indicating year-over-year growth of 24.7%.
General Dynamics Corporation GD is set to report first-quarter 2025 results on April 23, 2025, before market open.
The Zacks Consensus Estimate for GD’s earnings is pegged at $3.47 per share. The consensus estimate for its sales is pegged at $11.94 billion, indicating year-over-year growth of 11.3%.
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This article originally published on Zacks Investment Research (zacks.com).
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