Lockheed Martin Reports Financial Results for First Quarter 2022
Apr 19, 2022 By MarketDepth
Lockheed Martin Corporation (NYSE: LMT) announced Tuesday morning financial results for the first quarter 2022. Lockheed reported net sales of $15.0 billion, compared to $16.3 billion in the first quarter of 2021. Net earnings in the first quarter of 2022 were $1.7 billion, or $6.44 per share, compared to $1.8 billion, or $6.56 per share, in the first quarter of 2021. Cash from operations was $1.4 billion in the first quarter of 2022, compared to $1.7 billion in the first quarter of 2021. Free cash flow was $1.1 billion in the first quarter of 2022, compared to $1.5 billion in the first quarter of 2021.
“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.”Lockheed Martin Chairman, President and CEO James Taiclet
Cash from operations in the first quarter of 2022 was $1.4 billion. Capital expenditures were $268 million, resulting in free cash flow of $1.1 billion. The decreases in operating and free cash flows from the first quarter of 2021 were primarily due to lower segment operating profit and changes in working capital due to timing.
“Global events this quarter marked a dramatic change in the geopolitical environment and demonstrated the tremendous importance of an effective deterrent to aggression by major nation-states, and mutual defense among the United States and its allies. The men and women of Lockheed Martin are fully dedicated to enhancing this deterrence capability by effectively delivering on our existing platform programs and systems, while accelerating the integration of digital world technologies to enable true Joint All Domain Operations for our customers.”Lockheed Martin Chairman, President and CEO James Taiclet