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Morningstar's Lockheed Martin Corp Stock Analysis

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Lockheed Posts Top- and Bottom-Line Declines in First Quarter, but Macro Environment Improves

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

Lockheed Martin delivered top- and bottom-line declines in the first quarter as it lapped difficult comparisons, but we think the macro environment has shifted favorably as a result of increased geopolitical tension. Sales of $15.0 billion missed FactSet consensus by 3.7% and earnings per share of $6.11 beat the same estimates by 5.4%. After increasing our top-line estimates in the later years of our forecast to reflect our assumptions of higher defense spending, we’re increasing our fair value estimate to $445 per share from $419.

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Lockheed Martin Corp's Company Profile

Business Description

Lockheed Martin is the largest defense contractor globally and has dominated the Western market for high-end fighter aircraft since the F-35 program was awarded in 2001. Lockheed’s largest segment is aeronautics, which is dominated by the massive F-35 program. Lockheed’s remaining segments are rotary and mission systems, which is mainly the Sikorsky helicopter business; missiles and fire control, which creates missiles and missile defense systems; and space systems, which produces satellites and receives equity income from the United Launch Alliance joint venture.

6801 Rockledge Drive
Bethesda, MD, 20817
T +1 301 897-6000
Sector Industrials
Industry Aerospace & Defense
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 114,000

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