Deutsche Bank analyst Myles Walton says that "defense spending trends remain positive," and he expects Lockheed Martin's results to beat expectations. The analyst thinks that the stock looks attractive head of Q4 results.

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Backs FY24 free cash flow view $6B-$6.3B; FY24 CapEx view ~$1.75B.

Backs FY24 revenue view $68.5B-$70B, consensus $69.51B.

Lockheed Martin was awarded a $156.99M cost-plus-fixed-fee contract for Joint Air-to-Surface Standoff Missile, or JASSM, enterprise software. This contract provides for the sustainment, modernization, and advancement of JASSM enterprise management software; operational real-time combat analysis systems; SMART-Sync software; mission optimization analysis and reporting capabilities; terminal area model automation systems engineering, integration, and test; and enhanced JASSM advanced training. Work will be performed at King of Prussia, Pennsylvania, and is expected to be completed by April 21, 2025. This contract was a sole source acquisition. FY24 operation and maintenance funds in the amount of $10M are being obligated at time of award for the base year, along with procurement funds of $602,555. The Air Force Life Cycle Management Center is the contracting activity.