Lockheed Martin Corp (NYSE:LMT) stock rose 0.57% (As on July 24, 11:24:16 AM UTC-4, Source: Google Finance) after the company announced robust financial results for the second quarter of 2024, with earnings and revenue that exceeded analyst expectations. Net earnings in the second quarter of 2024 were $1.6 billion, or $6.85 per share, compared to $1.7 billion, or $6.63 per share, in the second quarter of 2023. Cash from operations was $1.9 billion in the second quarter of 2024, compared to $1.1 billion in the second quarter of 2023. Free cash flow was $1.5 billion in the second quarter of 2024, compared to $771 million in the second quarter of 2023. Operationally, the F-35 remains a top priority, and the company recently delivered the first Technology Refresh 3-configured aircraft to the customer and anticipate deliveries for 2024 to meet the expected range of 75-110 F-35s.

LMT in the second quarter of FY 24 has reported the adjusted earnings per share of $7.11, beating the analysts’ estimates for the adjusted earnings per share of $6.45. The company had reported the adjusted revenue growth of 9 percent to $18.1 billion in the second quarter of FY 24, beating the analysts’ estimates for revenue of $17.03 billion. Aeronautics’ net sales in the second quarter of 2024 increased $402 million, or 6%, compared to the same period in 2023. The increase was primarily attributable to higher net sales of $335 million on the F-35 program due to higher volume on sustainment, development and production contracts; and $105 million on the F-16 program due to the ramp up on production. Missiles and Fire Control (MFC)’s net sales in the second quarter of 2024 increased 13%, compared to the same period in 2023. The increase was primarily attributable to higher net sales of $320 million for tactical and strike missile programs due to production ramp up on Guided Multiple Launch Rocket Systems (GMLRS) and Long Range Anti-Ship Missile (LRASM) programs. RMS’ net sales in the second quarter of 2024 increased 17%, compared to the same period in 2023.  Space’s net sales in the second quarter of 2024 increased 1%, compared to the same period in 2023.

Looking ahead, Lockheed Martin has raised its full-year 2024 outlook for sales, segment operating profit, and earnings per share. The company now expects EPS to be in the range of $26.10 to $26.60, with the midpoint of $26.35 being above the analyst consensus of $26.26. Additionally, revenue guidance for 2024 has been set between $70.5 billion and $71.5 billion, with the midpoint also exceeding the consensus estimate of $69.8 billion.