Aerospace company Lockheed Martin Corporation (NYSE: LMT) Tuesday said its net sales increased modestly in the first quarter of 2023, but net profit declined.
The company reported first-quarter 2023 net sales of $15.13 billion, compared to $14.96 billion in the prior-year period. The management also provided guidance for fiscal 2023.
First-quarter net profit was $1.69 billion, down from $1.73 billion reported in the corresponding period of last year. On a per-share basis, meanwhile, earnings increased to $6.61 per share from $6.44 per share last year.
“We are off to a strong start for the new year in delivering to our customers the products and systems essential to enhancing national security and space exploration, and in delivering performance and value to our shareholders,” said Lockheed Martin’s CEO Jim Taiclet.