Lockheed Martin Corp.’s stock
LMT,
dipped 0.1% in premarket trading on Tuesday after the defense contractor’s fourth-quarter earnings beat analyst estimates, but the company said its 2024 sales could fall short of consensus at the lower end of its range. Lockheed Martin said its net income for the three months ending Dec. 31 fell to $1.87 billion, or $7.58 a share, from $1.91 billion, or $7.40 a share, in the year-ago quarter. The company beat the FactSet consensus estimate of $7.29 a share. Fourth-quarter sales of $18.9 billion fell slightly from $19 billion, but were well ahead of the analyst estimate of $17.96 billion. The company said its backlog reached a record of $160.6 billion. For 2024, Lockheed Martin expects earnings of $25.65 a share to $26.35 a share, compared to the FactSet consensus estimate of $26.61 a share, with sales of $68.5 billion to $70 billion. The analyst projection was $68.65 billion.
