Lockheed Martin Corporation

04/22/2024 | Press release | Archived content

Financial Table – Excel

Consolidated Results

Lockheed Martin Corporation
Consolidated Statements of Earnings1
(unaudited; in millions, except per share data)
Quarters Ended
March 31, 2024 March 26, 2023
Net sales $ 17,195 $ 15,126
Cost of sales (15,202) (13,080)
Gross profit 1,993 2,046
Other income (expense), net 36 (9)
Operating profit 2,029 2,037
Interest expense (255) (202)
Non-service FAS pension income 16 110
Other non-operating income, net 45 49
Earnings before income taxes 1,835 1,994
Income tax expense (290) (305)
Net earnings $ 1,545 $ 1,689
Effective tax rate 15.8% 15.3%
Earnings per common share
Basic $ 6.42 $ 6.63
Diluted $ 6.39 $ 6.61
Weighted average shares outstanding
Basic 240.7 254.7
Diluted 241.6 255.7
Common shares reported in stockholders' equity at end of period 239 254
1 The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on March 31, for the first quarter of 2024 and March 26, for the first quarter of 2023. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31.

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Table 1

Business Segment Summary Operat

Lockheed Martin Corporation
Business Segment Summary Operating Results
(unaudited; in millions)
Quarters Ended
March 31, 2024 March 26, 2023 % Change
Net sales
Aeronautics $ 6,845 $ 6,269 9%
Missiles and Fire Control 2,993 2,388 25%
Rotary and Mission Systems 4,088 3,510 16%
Space 3,269 2,959 10%
Total net sales $ 17,195 $ 15,126 14%
Operating profit
Aeronautics $ 679 $ 675 1%
Missiles and Fire Control 311 377 (18%)
Rotary and Mission Systems 430 350 23%
Space 325 280 16%
Total business segment operating profit 1,745 1,682 4%
Unallocated items
FAS/CAS operating adjustment 406 415
Intangible asset amortization expense (61) (62)
Other, net (61) 2
Total unallocated items 284 355 (20%)
Total consolidated operating profit $ 2,029 $ 2,037 -%
Operating margin
Aeronautics 9.9% 10.8%
Missiles and Fire Control 10.4% 15.8%
Rotary and Mission Systems 10.5% 10.0%
Space 9.9% 9.5%
Total business segment operating margin 10.1% 11.1%
Total consolidated operating margin 11.8% 13.5%

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Table 2

Selected Financial Data

Lockheed Martin Corporation
Selected Financial Data
(unaudited; in millions)
2024 Outlook 2023 Actual
Total FAS income CAS cost
FAS pension income $ - $ 378
Less: CAS pension cost 1,685 1,725
Total FAS/CAS pension adjustment $ 1,685 $ 2,103
Service and non-service cost reconciliation
FAS pension service cost $ (60) $ (65)
Less: CAS pension cost 1,685 1,725
Total FAS/CAS pension operating adjustment 1,625 1,660
Non-service FAS pension income 60 443
Total FAS/CAS pension adjustment $ 1,685 $ 2,103

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Table 3

Balance Sheet

Lockheed Martin Corporation
Consolidated Balance Sheets
(unaudited, in millions, except par value)
March 31, 2024 Dec. 31, 2023
Assets
Current assets
Cash and cash equivalents $ 2,790 $ 1,442
Receivables, net 2,257 2,132
Contract assets 14,050 13,183
Inventories 3,278 3,132
Other current assets 583 632
Total current assets 22,958 20,521
Property, plant and equipment, net 8,354 8,370
Goodwill 10,789 10,799
Intangible assets, net 2,151 2,212
Deferred income taxes 3,024 2,953
Other noncurrent assets 7,687 7,601
Total assets $ 54,963 $ 52,456
Liabilities and equity
Current liabilities
Accounts payable $ 3,523 $ 2,312
Salaries, benefits and payroll taxes 2,679 3,133
Contract liabilities 8,745 9,190
Current maturities of long-term debt 168 168
Other current liabilities 2,584 2,134
Total current liabilities 17,699 16,937
Long-term debt, net 19,250 17,291
Accrued pension liabilities 6,133 6,162
Other noncurrent liabilities 5,231 5,231
Total liabilities 48,313 45,621
Stockholders' equity
Common stock, $1 par value per share 239 240
Additional paid-in capital - -
Retained earnings 15,222 15,398
Accumulated other comprehensive loss (8,811) (8,803)
Total stockholders' equity 6,650 6,835
Total liabilities and equity Total liabilities and equity $ 54,963 $ 52,456

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Table 4

Cash Flow

Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(unaudited; in millions)
Quarters Ended
March 31, 2024 March 26, 2023
Operating activities
Net earnings $ 1,545 $ 1,689
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization 351 325
Stock-based compensation 61 57
Deferred income taxes (77) (117)
Changes in assets and liabilities
Receivables, net (125) (78)
Contract assets (867) (871)
Inventories (146) (383)
Accounts payable 1,301 1,217
Contract liabilities (445) (152)
Income taxes 341 414
Qualified defined benefit pension plans (1) (94)
Other, net (303) (443)
Net cash provided by operating activities 1,635 1,564
Investing activities
Capital expenditures (378) (294)
Other, net 6 35
Net cash used for investing activities (372) (259)
Financing activities
Issuance of long-term debt, net of related costs 1,980 -
Repurchases of common stock (1,000) (500)
Dividends paid (780) (784)
Other, net (115) (128)
Net cash provided by (used for) financing activities 85 (1,412)
Net change in cash and cash equivalents 1,348 (107)
Cash and cash equivalents at beginning of period 1,442 2,547
Cash and cash equivalents at end of period $ 2,790 $ 2,440

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Table 5

Other Supplemental Information

Lockheed Martin Corporation
Other Financial and Operating Information
(unaudited; in millions, except for aircraft deliveries and weeks)
Backlog March 31, 2024 Dec. 31, 2023
Aeronautics $ 57,035 $ 60,156
Missiles and Fire Control 31,297 32,229
Rotary and Mission Systems 38,030 37,726
Space 33,006 30,456
Total backlog $ 159,368 $ 160,567
Quarters Ended
Aircraft Deliveries March 31, 2024 March 26, 2023
F-35 - 5
F-16 3 1
C-130J 4 2
Government helicopter programs 13 10
Commercial helicopter programs - 1
International military helicopter programs - -
Number of Weeks in Reporting Period1 2024 2023
First quarter 13 12
Second quarter 13 13
Third quarter 13 13
Fourth quarter 13 14
1 Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month, except for the month of Dec., as its fiscal year ends on Dec. 31. As a result, the number of weeks in a reporting quarter may vary slightly during the year and for comparable prior year periods.

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Table 6