Aerospace and defense firm Lockheed Martin Corp. posted lower earnings in the first three months of the year, the company announced in a filing.

  • Net earnings for the first quarter stood at $1.733 billion, down from $1.837 billion in the same quarter in 2021. Diluted earnings per share fell to $6.44 versus the $6.56 in the first quarter of last year.
  • Net sales for the period fell to $14.964 billion from $16.258 billion, bringing consolidated operating profit to $1.933 billion from $2.182 billion recorded in the first three months of 2021.
  • Chairman, President, and Chief Executive James Taiclet noted the recent geopolitical tensions, citing the need to be an “effective deterrent” to aggression by major nation-states.

Lockheed Martin expects its net sales at $66.000 billion for the full year of 2021. It also set diluted earnings per share guidance of $26.70. LMT is down 0.10%.