Defense giant Lockheed Martin turned in a solid quarter amid rising global tensions and intensifying war between Israel and Hamas. Conflict has boosted shares, and these results should help keep the price stable.
Free cash flow was a highlight, coming in at $2.5 billion, above Wall Street’s estimate of $1.7 billion. Backlog finished the quarter at $156 billion, just down from a record $158 billion at the end of the second quarter. With one quarter left in 2023, financial guidance was reaffirmed. Management still expects to generate earnings per share of about $27.10 from sales of about $66.5 billion. That leaves about $7.22 a share and $18 billion in sales for the fourth quarter. Wall Street is currently projecting $7.28 a share and $18.1 billion in sales.
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