Lockheed Posts 4% Q1 Sales Bump, Updates Financial Outlook for 2021

Lockheed Martin (NYSE: LMT) generated $16.3 billion in net sales for the first quarter of its 2021 fiscal year, up 4 percent from the same period a year ago, along with earnings of $6.56 per share for the three-month financial period.

Bethesda, Maryland-based Lockheed said Tuesday Q1 net earnings came in at $1.8 billion, compared with the $1.7 billion prior-year period figure.

The company also stated $68 million in unrealized gains from strategic investment efforts by Lockheed Martin Ventures and bought back $1 billion in stock under an accelerated share repurchase agreement.

Additionally, Lockheed issued a 2021 outlook that forecasts sales to jump into the $67.3 billion-to-$68.7 billion range and earnings of between $26.40 and $26.70 per share.

James Taiclet, chairman, president and CEO of Lockheed, told analysts in an earnings call the company aims to connect its core platform work across the aerospace, maritime and land domains into what he calls a defense architecture.

“Our objective is to lead our National Defense enterprise, which is industry and government and the military services toward a higher and faster trajectory of development,” Taiclet said.

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