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Lockheed Martin Corp LMT

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Morningstar’s Analysis

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Lockheed Martin Reports Steady Growth, as White House Requests Additional Discretionary Spending

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

Wide-moat-rated Lockheed Martin reported a strong first quarter, as sales rose 3.9%, slightly below FactSet consensus estimates, and diluted earnings increased 7.9% to $6.56 per share, above FactSet consensus estimates. After adjusting our forecasts with the updated information, we’re increasing our fair value estimate to $436 per share from $433 due to the time value of money and somewhat lower capital expenditure expectations, though these factors are partially offset by slightly lower margins.

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Company Profile

Business Description

Lockheed Martin is the largest defense contractor globally and has dominated the Western market for high-end fighter aircraft since being awarded the F-35 program in 2001. Lockheed’s largest segment is Aeronautics, which is dominated by the massive F-35 program. Lockheed’s remaining segments are rotary & mission systems, which is mainly the Sikorsky helicopter business; missiles and fire control, which creates missiles and missile defense systems; and space systems, which produces satellites and receives equity income from the United Launch Alliance joint venture.

Contact
6801 Rockledge Drive
Bethesda, MD, 20817
T +1 301 897-6000
Sector Industrials
Industry Aerospace & Defense
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 114,000

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