A report by consulting firm McAleese & Associates says Lockheed Martin (NYSE: LMT) saw its sales in the first quarter of 2019 climb 23 percent to $14.3B primarily driven by sales growth in the company’s aeronautics and missiles and fires control business units.
Jim McAleese, founder and principal of McAleese & Associates and a 2019 Wash100 winner, wrote Lockheed’s MFC sector posted a 60 percent spike in Q1 2019 profit, while the aeronautics segment recorded a 23 percent increase in profit during the period.
Lockheed’s Q1 2019 earnings per share grew by 49 percent to $5.99, while its cash flow during the quarter rose 163 percent to $1.7B, according to the report.
“The corporation had strong performance in the first quarter which has allowed us to increase our full year financial guidance for sales, profit, earnings per share and cash,” Marillyn Hewson, Lockheed CEO and a 2019 Wash100 recipient, said in a statement published Tuesday.
McAleese said the Bethesda, Md.-based company recorded an incremental margin of 11.5 percent for its F-35 program as the fighter aircraft’s “production and sustainment profitability is visibly improving.”
Sales of Lockheed’s space segment rose 13 percent to $2.5B in the first quarter attributed to the U.S. Air Force’s Advanced Extremely High Frequency and GPS III satellite programs, the report added.