FORT WORTH, Texas — Lockheed Martin, which has a significant presence in Fort Worth, reported a yearly total of $71 billion in net sales, compared to $67.9 billion in 2023.
In its fourth quarter earnings report, Lockheed Martin said it had net sales of $18.6 billion for the fourth quarter, which was less than its fourth quarter last year ($18.9 billion). Lockheed’s net earnings in the fourth quarter of 2024 was $527 million, which brought their earnings total to $5.3 billion.
Lockheed Martin reported $6.9 billion in net earnings in 2023.
“2024 was another successful and productive year for Lockheed Martin. Our 5% sales growth and record year-end backlog of $176 billion demonstrate the enduring global demand for our advanced defense technology and systems,” said Jim Taiclet, Lockheed Martin’s Chairman, President and CEO. “In the year, we invested over $3 billion in advancing our nation’s security through research and development and capital investment to support our customers’ missions, drive innovation and transform our operations with the latest digital and manufacturing technologies. Our strong and consistent performance also enabled us to again return greater than 100% of free cash flow to our shareholders in 2024.”
“We also continue to drive collaboration across government and all sectors of American industry to accelerate innovation, improve resilience and integrate emerging technologies to deter, and if necessary to win any potential armed conflict,” continued Taiclet.
The company was recently awarded a contract with the U.S. Army to develop radar technology.
In August, the defense giant unveiled the F-35A jet.
The Fort Worth Lockheed Martin plant employs 18,700 people, WFAA’s partners at the Dallas Business Journal reported, and is the top employer in Tarrant County, according to county data.
For more information on Lockheed Martin’s fourth quarter earnings report, click here.