Lockheed Martin (NYSE:LMT) shares dipped before the market opened on Tuesday after it reported earnings for its latest quarter.
The company reported third quarter earnings of $6.77 per share, $0.10 better than the analysts' estimate of $6.67, while revenue for the quarter came in at $16.9 billion, up 2% YoY and above the consensus estimate of $16.72B.
The company said its backlog remains robust at $156B as domestic and international demand is strong.
"Our third quarter results were at or above our expectations across the board, generating $2.5 billion of free cash flow, with nearly 100% returned to shareholders through dividends and share repurchases," said Lockheed Martin Chairman, President and CEO Jim Taiclet.
LMT also announced it has increased its share repurchase authority by $6B to a total authorization of $13B. LMT shares are down 2.4% at the time of writing.
Looking ahead, the company maintained FY2023 guidance, expecting earnings of $27 to $27.20 per share versus the consensus of $27.15. Revenue for the period is seen between $66.25B to $66.75B, versus the consensus of $66.66B.