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US defence prime Lockheed Martin, delivering its quarterly results on 18 July, has reported Q2 2023 net sales of $16.7bn compared to $15.4bn in Q2 of 2022, while net earnings in the quarter were $1.7bn, up from $309m at the same period last year.

Cash from operations was $1.1bn in Q2 2023, compared to $1.3bn in the second quarter of 2022. Free cash flow was $771m in Q2 2023, compared to $1bn in the second quarter of 2022.

Q2 2023 highlights include Lot 17 orders for the F-35 fifth-generation stealth fighter programme, and awards to ramp-up PAC-3 and GMLRS munitions, according to company CEO, Jim Taiclet.

Net sales in Q2 2023 were up across the aeronautics, missiles and fire control, and space segments, but down in the rotary and mission systems (RMS) business area.

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In the aeronautics segment, net sales in Q2 2023 increased $1bn, or 17%, compared to the same period in 2022. Lockheed Martin stated the increase was primarily attributable to higher net sales of $735m for the F-35 programme due to higher volume on production contracts. This was partially driven by lower volume in Q2 2022 due to the impact of the delays in receiving additional contractual authorisation and funding under the Lots 15-17 contract.

However, rotary and missions systems segment saw net sales decrease in Q2 2023 by $115m, or 3%, compared with the same period in 2022. The decrease was primarily attributable to lower net sales of $145m for Sikorsky helicopter programmes due to the lower production volume (Black Hawk helicopter).

This decrease was partially offset by higher net sales of $60m for integrated warfare systems and sensors programmes due to higher volume, chiefly in the Aegis, Defense of Guam, and TPY-4 programmes, according to the company.

RMS’ operating profit in the second quarter of 2023 decreased $7m, or 2%, compared to the same period in 2022.