洛克希德馬丁公司（NYSE:LMT）股價下跌，此前公司公佈了2024年第四季度的業績，表現喜憂參半。 公司第四季度淨銷售額同比下降1.3%至186.22億美元，低於市場預期的189.1億美元。調整後的每股收益（EPS）爲7.67美元，超出市場預期的6.64美元。 公司毛利率收縮845個基點至3.7%，毛利潤同比下降70%至6.9億美元。 按業務劃分，航空業務銷售額爲80.09億美元，同比增長5%，運營利潤率爲5.4%，低於去年的10%；導彈與火力控制業務銷售額爲34.12億美元，同比增長8%，運營利潤率爲-23.6%，去年爲12.5%；旋翼與任務系統銷售額爲42.61億美元，同比下降10%，運營利潤率爲12%，下降30個基點；太空業務淨銷售額爲29.4億美元，同比下降13%，運營利潤率爲9.6%，增長50個基點。 2024財年，洛克希德馬丁的運營現金流爲69.72億美元，低於去年的79.2億美元，自由現金流爲52.87億美元。截至季度末，公司積壓訂單總額爲1760.4億美元，較2023年12月31日增長9.6%。 在2024年，公司通過分紅和股票回購向股東返還了68億美元資金。第四季度公司斥資10億美元回購了180萬股，全年總計斥資37億美元回購了750萬股。 公司董事長、總裁兼首席執行官Jim Taiclet表示：“在這一年中，我們投資超過30億美元，通過研發和資本投資推進國家安全，支持客戶任務，推動創新並利用最新數字和製造技術轉型運營。” 展望2025年，洛克希德馬丁預計淨銷售額爲737.5億至747.5億美元，市場預期爲740.1億美元。公司預計全年每股收益爲約27美元至27.30美元，低於市場預期的27.91美元。 洛克希德馬丁還預期業務部門運營利潤爲81億至82億美元，運營現金流爲85億至87億美元，自由現金流爲66億至68億美元。 週二，LMT股價下跌7.6%，報465.40美元。

以上內容來自Benzinga Earnings專欄，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.