Key Takeaways:
- EPS beat by 10.2%
- Revenue beat by 6.4%
- Total revenue: $18.1B, up 9% YoY and 5% QoQ
- Segment operating profit: $2B, up 10% YoY
- Stock up 5.6% post-earnings
- All four business segments achieved double-digit return on sales for the first time since Q3 2022
- F-35 deliveries resumed with TR-3 configuration, expecting 75-100 deliveries in H2 2024
- Backlog remains strong at nearly $160 billion, over 2x annual revenue
- Full-year 2024 outlook raised for sales, segment operating profit, and EPS
- MFC backlog reached a record level of almost $35 billion in Q2
Forward-Looking Statements and Insights:
Jim Taiclet, Chairman, President & CEO:
“Our strategy includes driving the latest digital technologies kind of through an open architecture, standard-based system to the DoD. And by doing that and making our product services platforms compliant or in line with those future concepts of open architecture and standards to pull through those products, services and platforms.”
Jay Malave, CFO:
“We expect — our continue — as I mentioned in my prepared remarks, that we continue to expect the backlog to increase at end of this year, which gives us more visibility into further growth in 2025 and beyond. So, we’re very bullish on where that stands from a backlog standpoint.”
