Net sales of $15.1 billion
Net earnings of $1.7 billion, or $6.61 per share, inclusive of non-operational gains of $44 million, or $0.18 per share
Cash from operations of $1.6 billion and free cash flow of $1.3 billion
Returned $1.3 billion of cash to shareholders through dividends and share repurchases
Reaffirms 2023 financial outlook
BETHESDA, Md., April 18, 2023 /PRNewswire/ -- Lockheed Martin Corporation [NYSE: LMT] today reported first quarter 2023 net sales of $15.1 billion, compared to $15.0 billion in the first quarter of 2022. Net earnings in the first quarter of 2023 were $1.7 billion, or $6.61 per share, compared to $1.7 billion, or $6.44 per share, in the first quarter of 2022. Cash from operations was $1.6 billion in the first quarter of 2023, compared to $1.4 billion in the first quarter of 2022. Free cash flow was $1.3 billion in the first quarter of 2023, compared to $1.1 billion in the first quarter of 2022.
"We are off to a strong start for the new year in delivering to our customers the products and systems essential to enhancing national security and space exploration, and in delivering performance and value to our shareholders," said Lockheed Martin Chairman, President, and CEO Jim Taiclet. "A few of the company's notable accomplishments during the quarter included securing a contract for the first United States sea-based hypersonic missile program, Conventional Prompt Strike (CPS), delivering the first F-16 fighter aircraft out of our new Greenville, South Carolina factory, and being selected to provide 88 F-35 fifth-generation fighter aircraft to Canada.
"We remain on track to achieve our full year 2023 financial guidance and continue our robust approach to returning capital to shareholders, with $500 million in share repurchases and $784 million in dividends distributed in the first quarter. In addition, all of our Business Areas continue to develop mission-based solutions that are designed to be integrated into an open architecture using 21st century digital technologies to elevate the deterrence posture of the United States and its allies. We are demonstrating these capabilities in partnership with commercial technology leaders across a number of disciplines. Many of our signature platforms, including geosynchronous orbit infrared-sensing satellites, the F-35, the Aegis radar system, and our submarine combat systems, are being actively incorporated into this architecture, enhancing their effectiveness and attractiveness to our customers for many years to come. We intend to lead our industry into the future, and we're doing it with a constant focus on rewarding our shareholders over the long run in the process."
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