Lockheed Martin's Q4 Earnings Beat Estimates Despite Y/Y Sales Decline

Lockheed Martin reported fourth-quarter 2023 adjusted earnings of $7.90 per share, beating estimates, with a 0.6% decline in sales year-over-year. The company's 2023 adjusted earnings also surpassed expectations, with a 2.4% rise in sales. Lockheed's backlog was $160.57 billion, and it provided financial guidance for 2024, expecting revenues in the range of $68.50-$70.00 billion and earnings per share in the range of $25.65-$26.35. The company currently carries a Zacks Rank #3 (Hold). Upcoming Q4 defense earnings include Textron, Boeing, and Northrop Grumman.