Lockheed Martin (NYSE: LMT) raked in $15.1 billion in net sales for the first quarter of 2023, $6.23 billion of which was generated by its aeronautics business.
The company on Tuesday released its quarterly financial performance showing net earnings of $1.7 billion, same as the prior-year period figures, and a revenue growth of 0.67 percent year-over-year.
Sales in the company’s rotary and mission systems business amounted to $3.5 billion, while the missiles and fire control unit reached $2.3 billion and space segment revenue totaled $2.9 billion.
Jim Taiclet, chairman, president and CEO of Lockheed, attributed the revenue in part due to space exploration and aircraft upgrade contracts.
“A few of the company’s notable accomplishments during the quarter included securing a contract for the first United States sea-based hypersonic missile program, Conventional Prompt Strike (CPS), delivering the first F-16 fighter aircraft out of our new Greenville, South Carolina factory, and being selected to provide 88 F-35 fifth-generation fighter aircraft to Canada,” the two-time Wash100 awardee explained.
Business segment operating profit slightly declined from $1.72 billion in Q1 2022 to $1.69 billion in the same period this year.
Free cash flow totaled $1.3 billion by the end of Q1, while cash from operations was $1.6 billion.
Lockheed reaffirmed its 2023 full year outlook, estimating sales in the $65 billion-$66 billion range and earnings of $26.60 to $26.90 per share.
