Lockheed Martin Space Systems Q2 2022
July 19, 2022
During Q2 2022, manufacturer Lockheed Martin’s Space Systems division reported:
- Space segment sales decreased 11% YoY or $352 million, compared to the same period in 2021. Comparatively, the overall company’s sales declined 9.4% (with the Aeronautics division reporting the largest decrease).
- $425 million of the division’s sales decline can be attributed to the loss of a weapons contract associated with the United Kingdom nationalizing its Atomic Weapons Establishment (AWE)
- However, the space segment also saw a $55 million dip in sales for commercial civil space programs due to lower volume on the Orion program.
- Space’s operating profit during the quarter decreased $67 million, or 20%, compared to the same period in 2021. Lockheed attributed the decrease to lower net favorable profit adjustment primarily on the Space-Based Infrared System (SBIRS) and classified programs, and about $40 million of lower equity earnings from the company’s investment in United Launch Alliance (ULA).
- Lockheed Martin adjusted its net sale projection down from $66 billion to $65.25 billion, but held the business segment operating profit projected steady at $7.175 billion.
- Diluted earnings per share projection decreased from $26.70 to $21.55.