洛克希德马丁公司（NYSE:LMT）股价下跌，此前公司公布了2024年第四季度的业绩，表现喜忧参半。 公司第四季度净销售额同比下降1.3%至186.22亿美元，低于市场预期的189.1亿美元。调整后的每股收益（EPS）为7.67美元，超出市场预期的6.64美元。 公司毛利率收缩845个基点至3.7%，毛利润同比下降70%至6.9亿美元。 按业务划分，航空业务销售额为80.09亿美元，同比增长5%，运营利润率为5.4%，低于去年的10%；导弹与火力控制业务销售额为34.12亿美元，同比增长8%，运营利润率为-23.6%，去年为12.5%；旋翼与任务系统销售额为42.61亿美元，同比下降10%，运营利润率为12%，下降30个基点；太空业务净销售额为29.4亿美元，同比下降13%，运营利润率为9.6%，增长50个基点。 2024财年，洛克希德马丁的运营现金流为69.72亿美元，低于去年的79.2亿美元，自由现金流为52.87亿美元。截至季度末，公司积压订单总额为1760.4亿美元，较2023年12月31日增长9.6%。 在2024年，公司通过分红和股票回购向股东返还了68亿美元资金。第四季度公司斥资10亿美元回购了180万股，全年总计斥资37亿美元回购了750万股。 公司董事长、总裁兼首席执行官Jim Taiclet表示：“在这一年中，我们投资超过30亿美元，通过研发和资本投资推进国家安全，支持客户任务，推动创新并利用最新数字和制造技术转型运营。” 展望2025年，洛克希德马丁预计净销售额为737.5亿至747.5亿美元，市场预期为740.1亿美元。公司预计全年每股收益为约27美元至27.30美元，低于市场预期的27.91美元。 洛克希德马丁还预期业务部门运营利润为81亿至82亿美元，运营现金流为85亿至87亿美元，自由现金流为66亿至68亿美元。 周二，LMT股价下跌7.6%，报465.40美元。

以上内容来自Benzinga Earnings专栏，原文如下：

Lockheed Martin Corp (NYSE:LMT) shares are trading lower after the company reported mixed fourth-quarter 2024 results.

The company reported a net sales decline of 1.3% year-over-year to $18.622 billion, missing the consensus of $18.91 billion. LMT reported Adjusted EPS of $7.67, beating the consensus of $6.64.

The gross margin contracted 845 bps to 3.7%, and the gross profit fell 70% year over year to $690 million.

Aeronautics sales were $8.009 billion (+5% YoY), and the operating margin was 5.4%, down from 10% YoY. Missiles and Fire Control sales of $3.412 billion (+8% YoY); operating margin was (23.6%), down from 12.5% YoY.

Rotary and Mission Systems sales of $4.261 billion (-10% YoY); operating margin 12%, down 30 bps. Space net sales of $2.94 billion (-13% YoY); operating margin 9.6%, up 50 bps.

Lockheed Martin generated an operating cash flow of $6.972 billion for fiscal 2024, compared to $7.920 billion a year ago. Free cash flow was $5.287 billion.

At the end of the quarter, LMT’s total backlog was $176.04 billion, an increase of 9.6% from December 31, 2023. In 2024, LMT returned $6.8 billion of cash to shareholders through dividends and share repurchases.

The company spent $1 billion to repurchase 1.8 million shares during the fourth quarter and $3.7 billion to buy back 7.5 million shares over the entire year ending December 31, 2024.

“In the year, we invested over $3 billion in advancing our nation’s security through research and development and capital investment to support our customers’ missions, drive innovation and transform our operations with the latest digital and manufacturing technologies,” commented Jim Taiclet, Lockheed Martin’s Chairman, President, and CEO.

“We also continue to drive collaboration across government and all sectors of American industry to accelerate innovation, improve resilience and integrate emerging technologies to deter, and if necessary to win any potential armed conflict,” continued Taiclet.

“Our leading technical and manufacturing capabilities, the innovative spirit that originated in our Skunk Works® operation, our incredibly capable workforce, along with the derisking actions we executed in the fourth quarter, position us well for strong performance in 2025,” concluded Taiclet.

2025 Outlook: Lockheed Martin expects net sales of $73.75 billion—$74.75 billion versus the consensus of $74.01 billion.

LMT projects EPS for the fiscal of ~$27-$27.30 versus the consensus of $27.91.

The company sees Business segment operating profit of $8.10 billion—$8.20 billion, cash from operations of $8.50 billion—$8.70 billion, and free cash flow of $6.6 billion—$6.8 billion.

Price Action: LMT shares are trading lower by 7.6% at $465.40 at the last check Tuesday.

Photo via Shutterstock.