Lockheed Martin Corporation (NYSE: LMT) Tuesday reported a sharp decline in net profit for the fourth quarter of 2024 when its sales remained broadly unchanged year-over-year.
The aerospace company reported net sales of $18.6 billion for the final three months of fiscal 2024, compared to $18.9 billion in the same period of 2023.
Net income decreased sharply to $527 million or $2.22 per share in the December quarter from$1.9 billion or $7.58 per share in the prior-year quarter. In the latest quarter, net profit included $1.7 billion of losses related to classified program.
“In the year, we invested over $3 billion in advancing our nation’s security through research and development and capital investment to support our customers’ missions, drive innovation, and transform our operations with the latest digital and manufacturing technologies,” said Lockheed Martin’s CEO Jim Taiclet.