Lockheed Q1 miss

Lockheed Martin missed Wall Street’s first-quarter revenue target on April 23, and the stock fell about 6.3% in premarket trading. (lockheedmartin.com) (finance.yahoo.com) The defense contractor reported first-quarter sales of $18.02 billion, just below the roughly $18.38 billion analysts expected, according to market data services tracking the release. Adjusted earnings were $6.44 a share, also below consensus estimates. (lockheedmartin.com) (marketbeat.com) Net earnings fell to $1.5 billion from $1.7 billion a year earlier, while cash from operations dropped to $220 million from $1.4 billion. Free cash flow turned negative at $291 million outflow, versus positive free cash flow of $955 million in the first quarter of 2025. (lockheedmartin.com) Lockheed kept its full-year 2026 outlook unchanged at $77.5 billion to $80 billion in sales. The company also left its profit and cash guidance in place, signaling that management does not see the quarter as a reason to reset the year. (lockheedmartin.com) That matters because Lockheed entered 2026 with a large backlog and heavy investor focus on whether missile, aircraft and space programs could convert demand into delivered revenue. In its January 29 results, the company said it ended 2025 with record backlog and gave the same 2026 sales range it reaffirmed on Thursday. (lockheedmartin.com 1) (lockheedmartin.com 2) The quarter was not a broad collapse in sales. Lockheed said first-quarter 2026 sales were essentially flat from a year earlier at about $18.0 billion, which points more to timing, mix and execution pressure than to a sudden drop in defense demand. (lockheedmartin.com) Investors still reacted sharply because defense stocks are usually judged against delivery schedules and cash generation, not just long-term demand. A revenue miss of about $362 million and weaker cash flow were enough to push the shares lower before the opening bell. (marketbeat.com) (finance.yahoo.com) Lockheed’s management was scheduled to discuss the results on an 8:30 a.m. Eastern earnings call on April 23, where investors typically press for detail on program timing, margins and cash recovery over the rest of the year. For now, the company is asking the market to look past a weak quarter and stick with the full-year forecast. (lockheedmartin.com 1) (lockheedmartin.com 2)