Q2 2024 Lockheed Martin Corp Earnings Call Transcript
Key Points
- Lockheed Martin Corp (LMT) reported a 9% year-over-year increase in sales for Q2 2024, reflecting growth across all four business segments.
- The company raised its full-year 2024 outlook for sales, segment operating profit, and EPS due to strong performance and momentum.
- Lockheed Martin Corp (LMT) achieved segment operating margins of 11.3%, up 20 basis points compared to last year's second quarter.
- The backlog remains robust at nearly $160 billion, more than two times the annual revenue, indicating strong demand for defense technology solutions.
- The company began deliveries of the first TR-3-configured F-35 aircraft to the US government, marking significant progress in the F-35 program.
- Lockheed Martin Corp (LMT) faces continued cost pressure and absorption headwinds in its Sikorsky business, impacting RMS margins.
- The company recorded $100 million in losses year-to-date on an MFC classified program and expects an additional $225 million in the second half of the year.
- GAAP earnings per share increased only 3% year-over-year, impacted by severance and impairment charges at RMS and Sikorsky, higher interest expense, and lower pension income.
- The delivery guidance for the F-35 in the second half of the year remains wide, indicating potential uncertainties in meeting the higher end of the range.
- The supply chain, while improving, still presents challenges, particularly in ramping up major programs to meet demand.
Good day, and welcome everyone to the Lockheed Martin second-quarter 2024 earnings conference call. Today's call is being recorded. (Operator Instructions)
Now at this time for opening remarks and introductions, I would like to turn the conference over to Maria, Ricciardone, Vice President, Treasurer and Investor Relations. Please go ahead.
Thank you, Louis, and good morning. I'd like to welcome everyone to our second-quarter 2024 earnings conference call. Joining me today on the call are Jim Taiclet, our Chairman, President and Chief Executive Officer, and Jay Malave, our Chief Financial Officer.
Statements made in today's call that are not historical fact are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities law. Actual results may differ materially from those projected in the forward-looking statements.
Please see today's press release and our SEC filings for a description of some
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