‍Lockheed Martin's (LMT) Q3 2024 financial performance demonstrated robust growth, with net sales reaching $17.1 billion, a 1.3% increase compared to $16.9 billion in Q3 2023. This growth was driven by strong performance across its four business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space.

The company's operating profit for Q3 2024 was $2.14 billion, reflecting a 4.8% increase from $2.04 billion in Q3 2023. This improvement was supported by favorable profit booking rate adjustments and operational efficiencies across its segments.

Net earnings for Q3 2024 amounted to $1.62 billion, slightly lower than the $1.68 billion reported in Q3 2023. However, diluted earnings per share (EPS) increased to $6.80 from $6.73, reflecting the company's share repurchase activities and efficient capital management.

Segment-wise performance highlights include:

• ‍Aeronautics: Net sales of $6.49 billion, a slight decline from $6.72 billion in Q3 2023, with operating profit at $659 million.‍
• Missiles and Fire Control (MFC): Net sales grew to $3.18 billion from $2.94 billion, with operating profit increasing to $456 million.‍
• Rotary and Mission Systems (RMS): Net sales rose to $4.37 billion from $4.12 billion, with operating profit stable at $483 million.‍
• Space: Net sales were $3.08 billion, slightly down from $3.10 billion, with operating profit at $272 million.

The U.S. Government remains Lockheed Martin's primary customer, accounting for 74% of the company's $52.4 billion in net sales for the first nine months of 2024. International customers contributed 25%, while U.S. commercial and other customers accounted for 1%.

Lockheed Martin's balance sheet showed an increase in total assets to $55.5 billion as of September 29, 2024, compared to $52.5 billion at the end of 2023. This was driven by higher cash and cash equivalents, which rose to $3.15 billion from $1.44 billion, and an increase in contract assets.

The company's liabilities also increased, with total liabilities rising to $48.3 billion from $45.6 billion at the end of 2023. This was primarily due to an increase in long-term debt, which grew to $19.2 billion from $17.3 billion.

Stockholders' equity improved to $7.2 billion as of September 29, 2024, up from $6.8 billion at the end of 2023. This reflects retained earnings growth and a reduction in accumulated other comprehensive loss.

Cash flow and liquidity: The company reported strong liquidity, with cash and cash equivalents increasing significantly. This positions Lockheed Martin well to continue its investments in innovation and shareholder returns.

Key operational insights: The company's performance was influenced by favorable profit booking rate adjustments, which reflect improved conditions on certain contracts. However, challenges such as supply chain disruptions and cost pressures were noted as potential risks.