By Will Feuer

Lockheed Martin posted lower fourth-quarter revenue, dragged down by lower sales in its missiles and fire-control unit as well as its rotary and mission systems segment.

The Bethesda, Md., defense contractor reported earnings of $1.87 billion, or $7.58 a share, down from $1.91 billion, or $7.40 a share, in the same period a year earlier.

Stripping out severance charges and other one-time items, adjusted earnings were $7.90 a share. Analysts surveyed by FactSet expected $7.29 a share.

The company posted revenue of $18.87 billion, down less than 1%. Analysts surveyed by FactSet expected $17.96 billion.

Sales were dragged down by declines in the company's Missiles and Fire Control unit as well as its Rotary and Mission Systems segment.

For 2024, Lockheed is targeting revenue of $68.5 billion to $70 billion. Analysts expected $68.65 billion.

The company expects annual earnings of $25.65 a share to $26.35 a share. Analysts expected $26.61 a share.

The company is targeting 2024 free cash flow of $6 billion to $6.3 billion. Analysts expected $6.26 billion.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 23, 2024 08:00 ET (13:00 GMT)

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