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Lockheed Martin generated cash from operating activities year-to-date of $2.74 billion, compared to $3.02 billion a year ago. Free cash flow was $2.17 billion for the half-year period.
LMT returned $1.1 billion of cash to shareholders through share repurchases and dividends during the quarter.
At the end of the quarter, the company’s total backlog was $134.64 billion, a slight decline of 0.53% from December 31, 2021.
“Although revenue in the period was affected by supply chain impacts and the timing of customer contract negotiations, our cost management initiatives resulted in margin expansion,” commented Chairman, President, and CEO James Taiclet.
FY22 Outlook: Lockheed Martin expects net sales of ~$65.25 billion (prior $66 billion) versus the consensus of $65.98 billion. EPS of ~$21.55 (prior ~$26.70) versus the consensus of $26.85.
The company’s results of operations, cash flows, and financial condition will be negatively impacted until it reaches a final agreement with the U.S. Government on the F-35 contract costs.
The company’s forecast for Business segment operating profit of $7.18 billion, cash from operations of ~$7.9 billion, and free cash flow of ~$6 billion remain unchanged.
Price Action: LMT shares are trading lower by 3.03% at $375.55 during the premarket session on Tuesday.
