lmt-20240331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number: 1-11437

LOCKHEED MARTIN CORPORATION

(Exact name of registrant as specified in its charter)

Maryland

52-1893632

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer Identification No.)

6801 Rockledge Drive,

Bethesda,

Maryland

20817

(Address of principal executive offices)

(Zip Code)

(301) 897-6000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $1 par value	LMT	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non–accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b–2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non–accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 239,938,144 shares of our common stock, $1 par value per share, outstanding as of April 19, 2024.

Table of Contents

Lockheed Martin Corporation

Form 10-Q

For the Quarterly Period Ended March 31, 2024

Table of Contents


			Page

PART I. FINANCIAL INFORMATION

	ITEM 1.	Financial Statements (Unaudited)

		Consolidated Statements of Earnings for the Quarters Ended March 31, 2024 and March 26, 2023	3

		Consolidated Statements of Comprehensive Income for the Quarters Ended March 31, 2024 and March 26, 2023	4

		Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	5

		Consolidated Statements of Cash Flows for the Quarters Ended March 31, 2024 and March 26, 2023	6



		Consolidated Statements of Equity for the Quarters Ended March 31, 2024 and March 26, 2023	7

		Notes to Consolidated Financial Statements	8

		Report of Independent Registered Public Accounting Firm	24

	ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

	ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	39

	ITEM 4.	Controls and Procedures	39

PART II. OTHER INFORMATION

	ITEM 1.	Legal Proceedings	40

	ITEM 1A.	Risk Factors	41

	ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41

	ITEM 5.	Other Information	42

	ITEM 6.	Exhibits	42

SIGNATURE			43

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

Lockheed Martin Corporation

Consolidated Statements of Earnings

(unaudited; in millions, except per share data)



	Quarters Ended
		March 31, 2024			March 26, 2023
Net sales
Products			$	14,196		$	12,526
Services			2,999			2,600
Total net sales			17,195			15,126
Cost of sales
Products			(12,884)			(11,151)
Services			(2,603)			(2,284)

Other unallocated, net			285			355
Total cost of sales			(15,202)			(13,080)
Gross profit			1,993			2,046
Other income (expense), net			36			(9)
Operating profit			2,029			2,037
Interest expense			(255)			(202)
Non-service FAS pension income			16			110


Other non-operating income, net			45			49
Earnings before income taxes			1,835			1,994
Income tax expense			(290)			(305)


Net earnings			$	1,545		$	1,689

Earnings per common share
Basic			$	6.42		$	6.63



Diluted			$	6.39		$	6.61




Cash dividends paid per common share			$

SEC Form 10-Q filed by Lockheed Martin Corporation