Lockheed Martin Space Systems Q1 2022

During Q1 2022, Lockheed Martin Space Systems reported:

• $2.6 million in revenue in Q1, down 15% compared to Q1 in 2021. The company said there was about $95 million revenue decrease for commercial civil space programs due to lower volume on the Orion and Human Lander System (HLS) programs.
• Space segment decreases were partially offset by higher net sales of about $100 million for strategic and missile defense programs due to higher development volume on the Next Generation Interceptor (NGI) program.
• Net income in the first quarter slipped 6% to $1.7 billion, $6.44 earnings per share (EPS), from $1.8 billion ($6.56 EPS) a year ago, topping consensus estimates by 22 cents per share.
• Segment operating margin improved 30 basis points to 11.1%.
• In the quarter, Lockheed Martin’s Space, Rotary and Mission Systems, and Missiles and Fire Control segments all struggled with double-digit sales declines.
• Executives at the parent company blamed program transitions and supply chain and operations challenges related to COVID-19 for the declines.
• COVID impacts led Lockheed Martin last fall to reduce its sales outlook for 2021 and 2022 and suggest about 2% growth in 2023.