Lockheed Martin Corporation (LMT) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 18, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and welcome everyone to the Lockheed Martin First Quarter 2023 Earnings Results Conference Call. Today's call is being recorded.

At this time, for opening remarks and introductions, I would like to turn the call over to Maria Ricciardone Lee, Vice President of Investor Relations. Please go ahead.

Maria Ricciardone Lee - Vice President of Investor Relations

Thank you, Lois, and good morning. I'd like to welcome everyone to Lockheed Martin’s first quarter 2023 earnings conference call. Joining me today on the call are Jim Taiclet, our Chairman, President and Chief Executive Officer; and Jay Malave, our Chief Financial Officer.

Statements made in today's call that are not historical fact are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities laws. Actual results may differ materially from those projected in the forward-looking statements. Please see today's press release and our SEC filings for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements.

We have posted charts on our website today that we plan to address during the call to supplement our comments. These charts also include information regarding non-GAAP measures that may be used in today's call. Please access our website at www.lockheedmartin.com and click on the Investor Relations link to view and follow the charts.

With that, I'd like to turn the call over to Jim.

Jim Taiclet - Chairman, President & CEO

Thanks, Maria. Good morning, everyone, and thank you for joining us on our first quarter 2023 earnings call. I'd like to begin today with a few highlights from the quarter, as well as an overview of the Presidential Budget Request and then Jay will discuss our financial results and full-year 2023 outlook in detail.

We had a solid start to the year with first quarter sales of $15.1 billion led by 16% year-over-year growth at space. Segment operating margin was 11.1% led by MFC at 15.8%. Free cash flow grew 11% to $1.3 billion and combined with the lower share count contributed to a strong free cash flow for share growth year-over-year. We remain on track to meet our financial expectations for the full-year and the return to growth in 2024 as we laid out in January.