Lockheed Martin Earnings: Mixed-to-Good Results; Valuation Increased by $4 to $486

Lockheed Martin reported first-quarter 2024 results on April 23, in which some programs delivered double-digit growth, with cost growth in other areas muting overall results. We saw over $2 billion in revenue appear sooner in the year than we anticipated. Still, only $100 million translated to operating profit in the first quarter, which we hadn't already forecast. Management reiterated its 2024 expectations, we did not change our forecast, and we are raising our fair value estimate for the wide-moat defense juggernaut to $486 from $482, essentially only for the time value of money.