Lockheed Martin reported earnings premarket today. EPS came out at a beat on analyst's estimates, while the revenue came out as a miss:
- EPS $2.21 (Estimated $1.97), $6.05 YoY
- Net Sales $16.0B (Estimate $17.14B)
- Backlog $134.85B (-10% YoY)
The company sees FY net sales at $67.00 bln, saw $67.3 bln to $68.7 bln, reducing their forward guidance.
Lockheed Martin comments that they expect 2022 net sales to fall from expected 2021 levels to $66 billion, with an estimate of $70.4 billion, and that 2022 total business segment operating margins will be around 11%. Cash from operations in 2022 is expected to be greater than or equal to $8.4 billion, with a $5.0 billion increase in share buyback authority. "In addition, in light of recent external and programmatic events, we recently reassessed our five-year business plan."
"As a result, we are revising our capital allocation strategy with two major goals in mind." "In the short, medium, and long term, we will strive to maximize cash flow per share dynamically, based on revenue growth opportunities, inorganic investments, and share repurchases, to fully capitalize on our significant cash flow generation and strong balance sheet."
