Lockheed Martin Boosts Dividend 5% to $12.60, Authorizes $6B More in Buybacks amid Strong Growth and $158B Backlog

Lockheed Martin (LMT) announced a 5% dividend increase, its 21st consecutive annual hike

The new annual dividend of $12.60 per share yields 3.14%

The board approved a $6B increase in the share repurchase program to $13B

LMT reported 6.5% EPS growth in Q2 2023 and has $3.67B in cash

LMT has a strong backlog of $158B to support revenue growth

The 2024 defense budget provides funding for 83 F-35 aircraft

LMT raised 2023 EPS guidance to $27.00-$27.20 on expected free cash flow of $6.2B

Other defense firms like Northrop Grumman, Raytheon and Curtiss-Wright have also hiked dividends recently