Net sales of $15.0 billion
Net earnings of $1.7 billion, or $6.44 per share
Cash from operations of $1.4 billion and free cash flow of $1.1 billion
Returned $2.8 billion of cash to shareholders through share repurchases and dividends
Reaffirms 2022 financial outlook
BETHESDA, MD (STL.News) Lockheed Martin Corporation [NYSE: LMT] today reported first-quarter 2022 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,” said Lockheed Martin Chairman, President, and CEO James Taiclet.
“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.”
NOTE: This is not the complete release. Visit the Lockheed Martin website for full details.