Lockheed Martin (NYSE:LMT) shares fell more than 6% intra-day today after the company reported third-quarter revenues that fell slightly short of analyst estimates. But the defense contractor delivered an optimistic outlook for fiscal year 2024, surpassing Wall Street projections.
For the third quarter, Lockheed Martin reported adjusted earnings per share (EPS) of $6.84, beating the consensus estimate of $6.50. However, revenue came in at $17.1 billion, below the expected $17.37 billion.
Looking ahead, the company raised its fiscal year 2024 EPS guidance to $26.65, exceeding the analyst consensus of $26.44. Additionally, Lockheed Martin lifted its revenue outlook for fiscal 2024 to $71.25 billion, surpassing the previous range of $70.5 billion to $71.5 billion and exceeding the Street estimate of $71.06 billion.
The company highlighted significant strategic progress in the quarter, including a record-breaking $165 billion backlog, the delivery of 48 F-35 fighter jets, and increased missile production. Lockheed Martin also generated $2.1 billion in free cash flow during the quarter, reflecting its strong financial position as it looks forward to the remainder of 2024.