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Lockheed Martin Maintains Growth Despite Profit Hurdles

Daniel Kim Views  

Yonhap News

Despite a temporary drop in revenue for the first quarter, U.S. defense company Lockheed Martin Corporation (LMT) is expected to maintain its growth trend.

According to Hana Securities, Lockheed Martin’s first quarter revenue in 2024 is projected to be $17.2 billion (an increase of 13.7% from the previous year), while operating income is expected to be $2 billion, a decrease of 0.4%, slightly damaging profitability compared to the same period last year.

Lockheed Martin has provided annual guidance for 2024, with revenue expected to be between $68.5 billion and $70 billion, and operating income between $8.2 billion and $8.4 billion.

Hana Securities analyst Wi Kyung Jae said, “According to the guidance, the company’s overall growth will be modest, but profitability may deteriorate.” The company’s order backlog for the first quarter stands at $159.4 billion, about 2.4 times the annual sales of $67.6 billion in 2023.

Considering that typically about 10% of the order backlog is recognized as quarterly sales, it’s assessed that this level may not guarantee steep growth in performance.

However, Wi predicts, “Considering that Lockheed Martin’s order backlog level has consistently maintained this level and the company plans to focus on strengthening operations in 2024, the quality of subsequent performance could gradually improve.”

Daniel Kim
content@viewusglobal.com

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