Investing.com -- Lockheed Martin Corporation reported third-quarter earnings that surpassed analyst expectations, while revenue fell short of estimates. The defense contractor also provided guidance for fiscal year 2024 that exceeded Wall Street projections.
Lockheed Martin (NYSE:LMT) posted adjusted earnings per share (EPS) of $6.84 for the third quarter, beating the analyst consensus of $6.50 by $0.34. However, revenue for the quarter came in at $17.1 billion, missing the consensus estimate of $17.37 billion.
Looking ahead, the company lifted its fiscal year 2024 EPS forecast to $26.65, above the analyst consensus of $26.44. Lockheed Martin also raised its FY2024 revenue outlook to $71.25 billion from $70.5 to $71.5 billion, surpassing the consensus estimate of $71.06 billion.
"In the third quarter, we advanced our strategic, operational and financial priorities, as demonstrated by our record backlog of more than $165 billion, 48 F-35 deliveries, increased production on missile programs, and $2.1 billion of free cash flow generation," said Lockheed Martin Chairman, President and CEO Jim Taiclet.
Taiclet added that the company continues to focus on its fundamental financial objective of driving free cash flow per share growth to generate returns for shareholders.
The company's stock edged up 0.44% following the earnings release, indicating a muted market response to the mixed results and upbeat guidance.
