By Senad Karaahmetovic
Lockheed Martin (NYSE:LMT) stock is up 1.5% after the company posted better-than-expected Q1 results.
LMT delivered a profit per share of $6.61 on revenue of $15.1 billion, topping the analyst consensus for $6.07 per share on sales of $15.05B. The beat was driven by a 16% surge in year-over-year (YoY) sales in the Space business.
LMT also reaffirmed its 2023 guidance. It continues to see FY EPS between $26.60 and $26.90 on revenue of $65B-$66B.
"We remain on track to achieve our full year 2023 financial guidance and continue our robust approach to returning capital to shareholders, with $500 million in share repurchases and $784 million in dividends distributed in the first quarter," the company said in a press release.
Vital Knowledge analysts commented:
“The Q1 results are decent, but the unchanged guidance puts this report in aggregate in the 'inline/boring' bucket.”