Lockheed Martin Corporation announced on Tuesday that its net sales in the fourth quarter landed at $18.6 billion, declining by 1.3% compared to the same period a year before. Net earnings in the reported period plunged by 71.7% to stand at $527 million, while diluted earnings per share (EPS) sank by 241.4% to $2.22.
For fiscal year 2024, the Maryland-based company's net sales amounted to $71 billion, climbing by 5% on a yearly basis. Meanwhile, net earnings plummeted 29.7% year-over-year, standing at $5.3 billion, while diluted EPS landed at $22.31, dropping by 23.5%.
"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. Our strong and consistent performance also enabled us to again return greater than 100% of free cash flow to our shareholders in 2024," CEO Jim Taiclet commented. Lockheed Martin's stock fell by 3.31% in premarket trading following the release of the report.
