Lockheed Martin Corporation revealed in its report published on Tuesday that its revenue in the first quarter of fiscal 2022 fell by 7.96% when compared to the same period last year reaching $14.96 billion.
The company's diluted earnings per share decreased by 1.83% year-on-year for the first quarter, falling from $6.56 to $6.44, with their net earnings decreasing by 5.98% to $1.73 billion.
"Lockheed Martin had a solid start to the year by delivering margin expansion and free cash flow above our expectations despite recent Covid-surge impacts on our operations and supply chain. We remain confident in our guidance for the remainder of the year and our growth outlook beyond," noted Lockheed Martin President and Chief Executive Officer James Taiclet in a statement.
Lockheed Martin traded 2.04% lower in the premarket after the earnings report.
