Lockheed Martin Space Sales Grow 8% YoY in Q3 of 2023
Lockheed Martin headquarters in Bethesda, Md. Photo: Lockheed Martin
Lockheed Martin’s Space segment delivered a strong 8% revenue increase in the third quarter of 2023, led by higher sales on strategic and missile defense programs.
Lockheed Martin released its third quarter results on Tuesday, reporting company-wide net sales of $16.9 billion, an increase of 2% year-over-year. Missiles and Fire Control, Rotary and Mission Systems, and Space all increased sales. Aeronautics, however, posted a 5% decrease year-over-year with lower sales on the F-35 fighter jet program.
Net earnings in the third quarter of 2023 were $1.7 billion, or $6.73 per share, compared to $1.8 billion, or $6.71 per share, in the third quarter of 2022.
Space reported $219 million in net sales in the third quarter. Lockheed reported higher sales on the Next Generation Interceptor (NGI) development and Fleet Ballistic Missile (FBM), in addition $45 million in higher volume on the GPS III program, and $40 million higher volume on the Orion program for NASA.
Total equity earnings, primarily from the ULA joint venture with Boeing, were $15 million, compared to approximately $50 million in the same time last year. Lockheed reported lower launch volume from ULA during the quarter.
Space’s operating profit in the third quarter of 2023 decreased $45 million, or 15%, compared to the same period in 2022, primarily due to lower equity earnings from ULA.
Lockheed Martin Chairman, President and CEO Jim Taiclet said the company’s third quarter results were at or above expectations across the board.
“We’ll continue to pursue our strategy of building capacity, efficiency and resilience into our production operations, driving advanced digital technologies to enhance integrated deterrence through collaboration with our customers and tech and aerospace industry partners, and expanding our international business and operations,” Taiclet commented. “This strategy is designed to drive growth in our traditional platforms and systems, augmented with digital service revenues over time, which in turn will support our dynamic capital allocation process to reward shareholders.”