Lockheed Martin stock rises on Q1 earning beat, reaffirms 2023 outlook

Yahoo Finance Live anchors Brad Smith and Rachelle Akuffo break down the rise in stock for Lockheed Martin following first-quarter earnings.

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BRAD SMITH: Also here tracking Lockheed Martin this morning. They topped analyst estimates in the latest quarter as supply-chain issues slightly improved. The aerospace company also reiterating its full-year 2023 financial guidance and expects free cash flow of at least $6.2 billion. Shares here this morning are up by about 3 and 1/4%.

Just a few things that caught my attention within this report. Number one, they said that they remain on track to achieve their full-year 2023 financial guidance. Continuing their approach to returning capital to shareholders-- $500 million in share repurchases, $784 million in dividends that were distributed during the first quarter here.

And then I'm not going to act like I'm an expert, Rachelle in anything geosynchronous-orbit, infrared-sensing satellites, but this is something that's important to Lockheed Martin. But in terms of the Q1 net sales, three of the major divisions for them did see declines year over year.

RACHELLE AKUFFO: I mean, when you think about Lockheed Martin's role in supplying some fighter jets F-22s and F-35s to Ukraine. There were a heavy supply of missiles and other military equipment in Ukraine's fight against Russia's invasion over the past year. So still continuing to see that, obviously, as the conflict continues in there.

But looking ahead, it's interesting to see their forward-year guidance, where they expect things to go. Obviously we're still not seeing any reducing-- any reduction in the conflict there. So at least for now, you can see the stocks still at least enjoying some gains, up more than 3% so far this year.

BRAD SMITH: Yeah, a great note there indeed.