Lockheed Martin Corp.’s stock fell 0.4% in premarket trading on Tuesday after the defense contractor’s fourth-quarter earnings beat analyst estimates, but it said its sales could fall short of Wall Street projections on the lower end of its range.
Lockheed Martin
LMT,
said its net income for the three months ending Dec. 31 fell to $1.87 billion, or $7.58 a share, from $1.91 billion, or $7.40 a share, in the year-ago quarter.
The company beat the FactSet consensus estimate of $7.29 a share. Fourth-quarter sales of $18.9 billion fell slightly from $19 billion, but were well ahead of the analyst estimate of $17.96 billion.
Lockheed Martin said its backlog reached a record of $160.6 billion.
For 2024, Lockheed Martin expects earnings of $25.65 a share to $26.35 a share, compared to the FactSet consensus estimate of $26.61 a share.
It’s projecting 2024 sales of $68.5 billion to $70 billion, while analysts estimated $68.65 billion in sales.
“Our opportunities to support global security for the U.S. government and its allies remain robust with traditional and breakthrough technologies,” the company said.
Before Tuesday’s moves, Lockheed Martin’s stock was up 2.1% in the past year, compared to a 20.7% rise by the S&P 500
SPX.
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This story originally appeared on Marketwatch
