Lockheed Martin’s net sales rise 8 percent in latest quarter

Lockheed Martin Corp. (NYSE: LMT) recently reported that its net sales increased more than 8 percent to $16.7 billion in the second quarter, from $15.4 billion in the same period in 2022. 

The defense contractor generated net earnings in the second quarter of $1.7 billion, or $6.63 per share, versus $309 million, or $1.16 a share, in the second quarter of 2022. Lockheed produced cash from operations of $1.1 billion in the second quarter, down from $1.3 billion in the year-earlier period.

“Lockheed Martin delivered strong financial results in the second quarter, with a record backlog of $158 billion and 8% sales growth year-over-year,” Jim Taiclet, Lockheed Martin’s chairman, president, and CEO, said in the firm’s July 18 earnings report. “Given the strength of our year-to-date results and ongoing demand for our signature programs and advanced technologies, we are raising our full year sales and earnings per share outlooks for 2023. We are confident in our return to growth and ability to reward our shareholders over the long run with reliable free cash flow per share expansion and cash deployment.”

Lockheed Martin — a Bethesda, Maryland–based global security and aerospace company — has two plants in Central New York, in Salina and in Owego, respectively. The defense contractor has about 116,000 workers worldwide, primarily engaged in the research, design, development, manufacture, integration, and sustainment of advanced technology systems, products, and services.