Jim Taiclet / lockheedmartin.com
Home Financial Reports Lockheed Marks 9% Growth in Q2 2024 Net Sales; Jim Taiclet on F-35 Program’s Technology Refresh 3
Lockheed Martin (NYSE: LMT) reported a 9 percent year-over-year increase in fiscal 2024 second-quarter net sales to $18.1 billion, a total backlog of $158 billion and Q2 net earnings of $1.6 billion, or $6.85 per share.
The Bethesda, Maryland-based aerospace and defense contractor said Tuesday it recorded $1.9 billion in cash from operations and free cash flow of $1.5 billion during the second quarter of 2024.
Lockheed returned $1.6 billion to shareholders in the form of cash dividends and share repurchases.
Financial Performance of 4 Business Segments
The aeronautics business recorded $7.3 billion in Q2 net sales, up 6 percent from the prior-year period due to the increase in the F-35 and F-16 fighter aircraft programs.
Net sales of the company’s missiles and fire control business during the quarter rose 13 percent to $3.1 billion, which the company attributed to higher net sales recorded by tactical and strike missile programs due to the production ramp-up on Long Range Anti-Ship Missile program and Guided Multiple Launch Rocket Systems.
The rotary and mission systems segment saw its revenue rise 17 percent to $4.5 billion. The increase was linked to higher net sales on integrated warfare systems and sensors programs and higher production volume on Black Hawk and CH-53K helicopters.
The space segment’s net sales during the quarter climbed 1 percent to $3.2 billion, which the company attributed to strategic and missile defense programs due to higher volume on Fleet Ballistic Missile and hypersonic programs.
Jim Taiclet, chairman, president and CEO of Lockheed, said the company started deliveries of the TR-3 configured F-35 fighter jets to the U.S. government.
TR-3 includes software and hardware upgrades to the F-35 aircraft.
“The TR-3 upgrade and further Block 4 enhancements represent a critical evolution in capability and their full development remains a top priority for us. These and further software updates over the life of the program will ensure that F-35 remains an effective deterrent to aggression and the cornerstone of Joint All-Domain operations now and decades into the future,” the two-time Wash100 awardee told analysts during the earnings call Tuesday.
Taiclet noted that Lockheed continues to manufacture at a rate of 156 aircraft per year and expects to deliver 75 to 100 planes to the government during the second half of 2024.
“Over 95% of TR-3 capabilities are currently being flight-tested and we look forward to delivering full TR-3 combat capability to the customer. In addition, we expect deliveries of F-35 aircraft to exceed production for the next few years,” the chief executive added.