Aerospace company Lockheed Martin Corporation (NYSE: LMT) Tuesday reported lower earnings for the first quarter of 2024, despite an increase in sales. The company also reaffirmed its fiscal 2024 guidance.
The company reported first-quarter 2024 net sales of $17.2 billion, compared to $15.1 billion in the prior-year period. Cash from operations was $1.6 billion in Q1, and free cash flow came in at $1.3 billion.
First-quarter net profit was $1.55 billion or $6.39 per share, compared to $1.69 billion or $6.61 per share the company reported in the corresponding period of last year.
“Our strong start to 2024 demonstrates our continued success designing, developing, and delivering 21st Century Security solutions in support of integrated deterrence for customers around the world. These first quarter results reinforce our confidence in our ability to achieve the full-year financial expectations we set in January,” said Lockheed Martin’s CEO Jim Taiclet.