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Lockheed Martin (NYSE:LMT) spiked Tuesday to its biggest daily gain in more than two years, closing + 8.7% after beat third-quarter earnings estimates and increased its share buyback authorization to $14 billion.
Third quarter adjusted earnings to at a stronger-than-expected $6.87 billion per share and operating cash flow up 62% to $3.13 billion, but net sales of $15.68 billion narrowly missed the consensus estimate. of analysts.
Shares are still up even after executives said on earnings conference call that the company does not expect sales growth to return until 2024, as the recovery from supply chain issues and lingering effects from COVID-19 will be “more gradual than expected.” before”, driving sales unchanged through 2023.
According to the report of Defense News, CFO Jay Malave said Lockheed’s (LMT) Aviation sector sales are likely to decline slightly next year, due to a drop in F-35 production, with fighter jet deliveries expected to be flat, but Malave said it could This is because the company has recorded sales before and has been a leader for a long time. procurement, will decrease by 2024.
The CFO said Lockheed’s (LMT) activity on classified programs will be a bright spot next year, and CEO Jim Taiclet also said both the classified program and the record programs will “significantly increase from 2023″ to 2024,” accounting for most of the company’s growth in 2024.
Lockheed’s (LMT) the results sparked a rally in other aerospace and defense stocks, including (NOC) + 6.6%(LHX) + 5.8%(KAMN) + 5.4%(GD) + 3.8%(RTX) + 3.4%(LDOS) + 2.8%(TDG) + 2.8%(AJRD) + 2.6%(HXL) + 2.2%.
Last month, Lockheed (LMT) increase quarterly dividend to $3.00/share from $2.80 previously.
