In 2023, Lockheed Martin''s 122,000 employees teamed together to further advance the boundaries of scientific discovery in support of our national defense and space exploration. We are the premier engineering and defense tech company across many disciplines from metallurgy to artificial intelligence, and the importance of our customers''
With a revenue increase of 1.34% in the third quarter 2024, year on year to cumulative value of $71,295 million, Lockheed Martin''s revenue per employee grew on a trailing twelve months basis to $ 584,385. The productivity of Lockheed Martin''s employees was 3.2137729704227E-7%, above the company average.
With 122,000 employees worldwide, Lockheed Martin is comprised of four business segments: aeronautics, missiles and fire control, rotary and mission systems, and space systems.
Lockheed Martin Corp. balance sheet, income statement, cash flow, earnings & estimates, ratio and margins. View LMT financial statements in full.
Lockheed Martin had revenue of $17.10B in the quarter ending September 29, 2024, with 1.34% growth. This brings the company''s revenue in the last twelve months to $71.30B, up 5.33% year-over-year. In the year 2023, Lockheed Martin had annual revenue of $67.57B with 2.41% growth.
Revenue, also called sales, is the amount of money a company receives from its business activities, such as sales of products or services. Revenue does not take any expenses into account and is therefore different from profits.
BETHESDA, Md., Jan. 23, 2024 /PRNewswire/ -- Lockheed Martin Corporation [NYSE: LMT] today reported fourth quarter 2023 net sales of $18.9 billion, compared to $19.0 billion in the fourth quarter of 2022. Net earnings in the fourth quarter of 2023 and 2022 were $1.9 billion, or $7.58 and $7.40 per share, respectively. Cash from operations was $2.4 billion in the fourth quarter of 2023, compared to $1.9 billion in the fourth quarter of 2022. Free cash flow was $1.7 billion in the fourth quarter of 2023, compared to $1.2 billion in the fourth quarter of 2022.
Net sales in 2023 were $67.6 billion, compared to $66.0 billion in 2022. Net earnings in 2023 were $6.9 billion, or $27.55 per share, compared to $5.7 billion, or $21.66 per share, in 2022. Cash from operations in 2023 was $7.9billion, compared to $7.8 billion in 2022. Free cash flow in 2023 was $6.2 billion, compared to $6.1billion in 2022.
"Our solid finish to 2023 and full-year results reflect continued strong demand for our all-domain portfolio of advanced defense tech solutions. Backlog reached a record $160.6 billion and sales increased 2 percent year-over-year to $67.6 billion," said Lockheed Martin Chairman, President and CEO Jim Taiclet. "In 2023 we invested $1.5 billion in research and development and an additional $1.7 billion of capital expenditures to create, accelerate and refine the development of innovative 21st Century Security capabilities. In line with our expectations, we generated $6.2 billion of free cash flow for the year, supporting strong free cash flow per share growth, and we returned over $9 billion to shareholders through dividends and share repurchases.
"Looking ahead to 2024 and beyond, our opportunities to support global security for the U.S. Government and its allies remain robust with traditional and breakthrough technologies. Our team will continue to realize the vision for 21st Century Security integrated platforms and systems, working with industry and commercial partners to pioneer and mature deterrence solutions for customers worldwide. Inside the company, our 1LMX digital transformation initiative will further materialize and drive speed, resiliency, efficiency and competitiveness across our operations. As a result, we anticipate continued top-line growth in 2024 and sustained cash flow conversion and deployment, in support of our mid-single digit growth target in free cash flow per share."
Adjusted earnings before income taxes, net earnings and diluted EPS
The table below shows the impact to earnings before income taxes, net earnings and diluted earnings per share (EPS) for certain non-operational items:
Severance and other charges
During the fourth quarter of 2023, the company recorded charges totaling $92 million ($73million, or $0.30 per share, after-tax) which include severance costs for the planned reduction of certain positions across the company and asset impairment charges. This action resulted from a review of the company's business segments and corporate functions and is intended to improve the efficiency of the company's operations.
Summary Financial Results
The following table presents the company's summary financial results.
2024 Financial Outlook
The following table and other sections of this news release contain forward-looking statements, which are based on the company's current expectations. Actual results may differ materially from those projected. It is the company'spractice not to incorporate adjustments into its financial outlook for proposed or potential acquisitions, divestitures, ventures, pension risk transfer transactions, financing transactions, changes in law, or new accounting standards until such items have been consummated, enacted or adopted. For additional factors that may impact the company's actual results, refer to the "Forward-Looking Statements" section in this news release.
Cash Flows and Capital Deployment Activities
Cash from operations in the fourth quarter of 2023 was $2.4 billion and capital expenditures were $704million, resulting in free cash flow of $1.7 billion. The increase in operating and free cash flow in the fourth quarter compared to the same period in 2022 was primarily due to the timing of international advances on the PAC-3 program and production and billing cycles impacting contract liabilities, contract assets and receivables (primarily RMS), partially offset by timing of cash payments for accounts payable across the company.
Cash from operations in 2023 was $7.9 billion and capital expenditures were $1.7 billion, resulting in free cash flow of $6.2 billion. The increase in operating and free cash flow in 2023 compared to 2022 was primarily due to the timing of production and billing cycles impacting receivables (primarily the F-35 program at Aeronautics) and contract assets (primarily IWSS programs at RMS), partially offset by timing of cash payments for accounts payable across the company.
The company's cash activitiesin the quarter and year ended Dec. 31, 2023, included the following:
The company operates in four business segments organized based on the nature of products and services offered: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. The following table presents summary operating results of the company's business segments and reconciles these amounts to the company's consolidated financial results.
Net sales and operating profit of the company's business segments exclude intersegment sales, cost of sales, and profit as these activities are eliminated in consolidation and not included in management's evaluation of performance of each segment. Business segment operating profit includes the company's share of earnings or losses from equity method investees as the operating activities of the equity method investees are closely aligned with the operations of the company's business segments.
The company's consolidated net favorable profit booking rate adjustments represented approximately 23% and 21% of total segment operating profit in the quarter and year ended December 31, 2023 and 24% in both the quarter and year ended December 31, 2022.
Aeronautics' net sales in the fourth quarter of 2023 were comparable to the same period in 2022. Net sales on the F-35 program decreased $275 million due to lower volume on production contracts partially offset by higher volume on development and sustainment contracts. Net sales increased on classified programs by $180 million driven by higher volume and increased on the F-16 program by $65 million due to the ramp up on production.
Aeronautics' operating profit in the fourth quarter of 2023 decreased $55million, or 7%, compared to the same period in 2022. The decrease was primarily attributable to lower operating profit of $50 million on the F-35 program due to the lower cost throughput described above and lower net favorable profit adjustments on production contracts. Total net profit booking rate adjustments were $85 million lower in the fourth quarter of 2023 compared to the same period in 2022.
Aeronautics' net sales in 2023 increased $487million, or 2%, compared to 2022. Net sales increased by approximately $540 million for the ramp up on classified programs and $230 million on the F-16 program related to the ramp up in production. These increases were partially offset by lower net sales of $400 million on the F-35 program due to lower volume on production contracts partially offset by higher volume on sustainment and development contracts.
Aeronautics' operating profit in 2023 decreased $42 million, or 1%, compared to 2022. The decrease was primarily attributable to lower operating profit of $100 million on the F-22 program due to lower net favorable profit adjustments and $95 million on the F-35 program due to lower net favorable profit adjustments on production contracts. These decreases were partially offset by higher operating profit of $115 million on classified programs due to higher net favorable profit adjustments and the impact of the higher sales as discussed above. Total net profit booking rate adjustments were $180 million lower in 2023 compared to 2022.
Missiles and Fire Control
About Lockheed martin revenue per employee
As the photovoltaic (PV) industry continues to evolve, advancements in Lockheed martin revenue per employee have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient Lockheed martin revenue per employee for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various Lockheed martin revenue per employee featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
Related Contents
