Aerospace company Lockheed Martin Corporation (NYSE: LMT) Tuesday said its net sales decreased 8% in the first quarter of 2022, resulting in a marked decline in profit. The top line also fell short of the market’s prediction, while earnings beat the estimates.
Reflecting the impact of pandemic-related business disruption and macroeconomic headwinds, Lockheed Martin’s net sales dropped 8% from last year to $14.96 billion in the March quarter. The number also came in below the consensus estimate. Consequently, net income dropped to $1.73 billion or $6.44 per share from $1.84 billion or $6.56 per share in the first quarter of 2021. The bottom line, however, topped expectations.
Check this space to read management/analysts’ comments on Lockheed Martin’s Q1 2022 results
Lockheed Martin’s shares declined early Tuesday following the earnings announcement, after closing the previous session lower.