Lockheed Martin Corporation stock research
FY2024 Q1
Lockheed Martin (LMT) Gross Margin — Quarter Ended Mar 31, 2024
Revenue decreased compared to the prior quarter, while gross profit also declined, leading to a slightly lower gross margin. Versus the same quarter last year, revenue was higher but gross profit was nearly unchanged, resulting in a weakened gross margin.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue decreased compared to the prior quarter, while gross profit also declined, leading to a slightly lower gross margin. Versus the same quarter last year, revenue was higher but gross profit was nearly unchanged, resulting in a weakened gross margin.
- The gross margin weakened sequentially and year-over-year, driven by a proportionally larger increase in cost of revenue relative to revenue when compared to the prior year quarter.
- Compared to the immediately preceding quarter, revenue and gross profit were both lower, and gross margin declined slightly. Compared to the same quarter one year earlier, revenue was higher but gross profit was essentially flat, causing gross margin to weaken.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
11.6%
Gross profit
$2.0B
Revenue
$17.2B
Cost of revenue
$15.2B
Quarter-over-quarter change
-0.6 pts
Year-over-year change
-1.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 25, 2023 | $16.7B | $2.1B | $14.6B | 12.5% |
| Sep 24, 2023 | $16.9B | $2.0B | $14.8B | 12.1% |
| Dec 31, 2023 | $18.9B | $2.3B | $16.6B | 12.2% |
| Mar 31, 2024 | $17.2B | $2.0B | $15.2B | 11.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2023
-0.6 pts
Year-over-year change
Mar 26, 2023
-1.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin weakened sequentially and year-over-year, driven by a proportionally larger increase in cost of revenue relative to revenue when compared to the prior year quarter.
Compared to the immediately preceding quarter, revenue and gross profit were both lower, and gross margin declined slightly. Compared to the same quarter one year earlier, revenue was higher but gross profit was essentially flat, causing gross margin to weaken.
Monitor the trend in cost of revenue relative to revenue, as its growth outpaced revenue year-over-year and contributed to margin compression.