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Lockheed Martin Corporation (LMT-0.53%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The report details that Lockheed Martin's net sales for 2024 were $71.0 billion, an increase from $67.6 billion in 2023. The increase was primarily driven by higher sales in the Missiles and Fire Control, Rotary and Mission Systems, and Aeronautics segments.
Operating profit for the year was $7.0 billion, down from $8.5 billion in the previous year. The decrease was attributed to lower profit booking rate adjustments and increased costs on certain programs.
The company reported net earnings of $5.3 billion, or $22.31 per share, compared to $6.9 billion, or $27.55 per share, in 2023. The decrease in earnings was primarily due to the factors affecting operating profit.
Lockheed Martin's backlog at the end of 2024 was $176.0 billion, up from $160.6 billion at the end of 2023. The increase was largely due to new orders in the Aeronautics and Missiles and Fire Control segments.
The filing also discusses the impact of geopolitical and economic conditions on the company's operations, including supply chain challenges and inflationary pressures.
Lockheed Martin's cash and cash equivalents at the end of 2024 were $2.5 billion, compared to $1.4 billion at the end of 2023. The increase in cash was primarily due to cash flows from operating activities.
The company made $990 million in contributions to its qualified defined benefit pension plans in 2024 and does not expect any required contributions in 2025.
Lockheed Martin repurchased 7.5 million shares of its common stock for $3.7 billion during 2024. The total remaining authorization for future share repurchases was $9.3 billion as of December 31, 2024.
The report outlines the company's strategy to focus on advancing all-domain mission solutions and investing in digital technologies such as AI and machine learning to enhance its offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lockheed Martin Corporation annual 10-K report dated January 28, 2025. To report an error, please email earnings@qz.com.