Lockheed Martin — Oct 22, 2024 release

For additional factors that may impact the company's actual results, refer to the “Forward-Looking Statements” section in this news release.   (in millions, except per share data)   Current Update 1 July 2024             Net sales   ~$71,250 $70,500 - $71,500       Business segment operating profit 2   ~$7,475 $7,350 - $7,500 Total FAS/CAS pension adjustment ~$1,685 ~$1,685 Diluted earnings per share 3 ~$26.65 $26.10 - $26.60     Cash from operations ~$7,950 $7,750 - $8,050 Capital expenditures ~$1,750 ~$1,750 Free cash flow 2 ~$6,200 $6,000 - $6,300 1 The company’s current 2024 financial outlook is premised on receiving contractual authorization and funding on the F-35 Lots 18-19 production contract in the fourth quarter of 2024. 2 Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news release for more information. 3 Although the company typically does not update its outlook for proposed changes in law, the above includes the effect of IRS Notice 2023-63 confirming that certain expenditures incurred in the performance of cost-type contracts are not subject to capitalization for tax purposes. The company believes incorporating the clarification from the Notice more accurately reflects its expectations because the Notice describes the tax treatment of certain expenditures in accordance with the company's analysis of the Internal Reve