Lockheed Martin headquarters in Bethesda, Md. Photo: Lockheed Martin

Lockheed Martin increased both sales and operating profit in the company’s Space segment in the first quarter of 2024, compared to the same time period in 2023. 

Space posted $3.3 billion of sales in Q1. Lockheed Martin reported higher sales on Fleet Ballistic Missile (FBM), and ramp up in the hypersonic and Next Generation Interceptor (NGI) development programs. Lockheed also reported higher net sales for national security space programs, with higher volume on the Space Development Agency’s (SDA) Transport Layer and GPS III programs and ramp up on the SDA Tracking Layer program. 

In addition, Space’s operating profit in the first quarter increased $45 million, or 16%, compared to the same period in 2023, mostly due to higher equity earnings at United Launch Alliance (ULA), a joint venture with Boeing. Total equity earnings from ULA were about $15 million in Q1 2024, compared to a $15 million loss for the same period in 2023.

CFO Jay Malave noted on a Tuesday call with investors that Space booked several large national security orders during the quarter including an award for 54 satellites for the SDA Tranche 2 Tracking Layer, and “significant classified awards.” 

Space has a record backlog of $33 billion. 

Overall, Lockheed Martin posted $17 billion in Q1 sales, roughly a 14% increase over the same time last year. The company reaffirmed guidance for 2024 sales in the range of $68.5 billion to $70 billion.