Lockheed Martin Reports Mixed Q2 Results Despite Contract Wins
Lockheed Martin (LMT), the world's largest defense contractor, reported a mixed second quarter. Revenue climbed to $18.2 billion, yet net earnings dipped to $342 million, driven by significant program losses.
LMT's revenue increase was fueled by several contract wins, including a $10.8 billion helicopter deal and a $9.8 billion Patriot missile contract. The quarter also saw the delivery of 50 F-35s and 24 government helicopters. Despite these positives, earnings were impacted by $1.6 billion in charges, primarily from the Aeronautics Classified Program and two international Sikorsky programs.
The company ended the quarter with a robust backlog of $166.5 billion in projects. LMT's stock, however, has remained relatively flat year-to-date and is down 15% from a year ago. Assuming conservative growth rates, a $5,000 investment could potentially double in a decade.
Lockheed Martin's second quarter saw both progress with contract wins and challenges with significant program losses. The company, which offers a generous $13.20 annual dividend, is addressing these issues. With a strong backlog and consistent dividend growth, LMT continues to be a significant player in the defense industry.
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