Lockheed Martin Advances GMLRS Production Following Raised Guidance
Lockheed Martin reported reaching an annual production pace of nearly 14,000 GMLRS rockets ahead of schedule, following quarterly results that featured an increased outlook and a record order backlog.
Lockheed Martin delivered its 100,000th Guided Multiple Launch Rocket System rocket and expanded output to nearly 14,000 units annually ahead of schedule, according to a company release reported by Quantisnow. The milestone arrived alongside a successful initial ground test of a new solid rocket motor developed with General Dynamics Ordnance and Tactical Systems, with qualification planned for 2027 to establish a third domestic supplier.
The operational progress follows third-quarter earnings reported on Thursday, October 22nd, in which revenue rose 11.3% year over year to $20.71 billion, topping analyst projections of $20.48 billion. Net income reached $7.97 per share, beating consensus expectations of $7.52 per share. Following the results, management raised its guidance on the back of a record backlog across its business divisions, Kalkine Media reported.
Contract awards and munitions demand have supported recent visibility, including a reported $694 million hypersonics contract noted by MarketBeat. In its earnings coverage, The Fly reported that management no longer views any individual competition as a must-win program, marking a strategic shift after charges on classified aeronautics and fixed-price contracts weighed on earlier periods.
Alongside quarterly results, the company declared an increased quarterly dividend of $3.60 per share, up from $3.45, payable on Thursday, December 31st to shareholders of record as of Tuesday, December 1st. In equity research coverage compiled by MarketBeat, Wall Street analysts maintain a consensus Moderate Buy rating on the stock with an average price target of $647.00.
Despite operational gains, broader market developments have introduced potential headwinds. Reports highlighted by MarketBeat pointed to post-election political and defense-budget uncertainty surrounding a proposed $1.5 trillion spending request. Separately, the company agreed to pay $29.5 million to settle federal claims alleging employment discrimination against white workers.