Shares in defense giant Lockheed Martin (NYSE: LMT) declined 6.8% last year, according to data provided by S&P Global Market Intelligence. It's a notable underperformance compared to the S&P 500's 24.2% gain on the year and reflects that the company entered 2024 with much more uncertainty than it entered 2023.

On the face of it, Lockheed Martin's outlook hasn't changed much. Management started 2023 forecasting full-year sales of $65 billion to $66 billion, segment operating profit of $7.01 billion to $7.11 billion, and free cash flow of $6.2 billion. Fast forward to October, and the updated guidance is for sales of $66.25 billion to $66.75 billion, segment profit of $7.325 billion to $7.375 billion, and free cash flow of $6.2 billion.

Image source: Getty Images.

Continue reading

Source Fool.com