RTX Corporation (NYSE: RTX ) is a U.S.-based multinational aerospace and defense company. General Dynamics should be kept on your radar if you’re looking for a premiere dividend growth stock to buy in 2023. They ended the quarter with a record backlog of $91.4 billion. The company’s balance sheet remains strong, ready to capitalize on the opportunities ahead. Navy contracts totaling $1.72 billion for Virginia-Class submarines and ship repair and maintenance in October. ![]() General Dynamics continues to receive growing support from the U.S. While revenue was up in the quarter, earnings per share ( EPS ) was slighter down. In Q2 2023, General Dynamics revenue grew to $10.2 billion, up 10.5% YOY. However, their most recent quarter proved the company’s resilience despite supply chain headwinds. FCF and operating cash flow also grew in 2022, up 2.4% and 7.2%, respectively. Revenue for the FY 2022 was up a modest 2.4% to $39.40 billion. They also offer a wide range of defense-related IT services and security systems. ![]() The company manufactures Gulfstream business jets, Abram tanks, Stryker fighter jets, submarines, and light tactical vehicles. General Dynamics (NYSE: GD ) is an American aerospace and defense company and the 6th largest defense contractor in the world. As aerospace and defense spending continues to accelerate, Northrop Gruman is one of the best high-potential defense stocks to buy. The awards were primarily for Space Systems, Aeronautic Systems, and Mission Systems. During the second quarter of 2023, contract awards and backlogs increased by $10.9 billion and $19.8 billion, respectively. Their long-term outlook remains strong despite the company’s worries about ongoing macroeconomic headwinds. However, operating income fell in the quarter due to contract-related legal matters. In their most recent Q2 2023 financial results, Northrop Gruman saw strong sales growth of 9% YOY. This includes their vast aircraft line, from the B-2 Spirit to their complex navigation, radar, and missile systems. Their products include a wide range of advanced air, sea, land, and space systems. ![]() Northrop Gruman’s products are delivered to more than 25 countries worldwide. The stock is up 12% in the last month as the Israel-Hamas war unraveled. They are one of the world’s largest weapons manufacturers, operating in the U.S., the Middle East, and Asia Pacific. Northrop Grumman (NYSE: NOC ) is an aerospace and defense company based in the United States. Source: ALAN RADECKI, Public domain, via Wikimedia Commons With the Israel-Hamas war intensifying, Lockheed Martin is the top defense stock to buy for 2023. This represents growth of approximately 25%, a significant improvement from -5% in 2022. Lockheed Martin projects FY2023 EPS in the $27.00 range. They reaffirmed their 2023 outlook and increased their share repurchase and quarterly dividend. This program will provide Australia with advanced integrated missile and air defense systems. In addition, on August 28th, Lockheed Martin was awarded a $765 Million contract with the Australian Defense Force as a strategic partner for AIR6500. CEO Jim Taiclet said the company “maintains a robust backlog of $156 billion”. The company’s long-term outlook remains strong as it continues to expand in domestic and international markets. However, operating cash flow fell to $2.9 billion. ![]() During the quarter, EPS was slightly up to $6.73. FCF was $2.5 billion, down from $2.7 billion in Q3 2022. Lockheed Martin saw modest topline growth in Q3 2023 of $16.9 billion. However, Q4 2023 might be the turning point for the company after reporting its Q3 2023 financial results. The stock is down roughly 7% YTD, as the defense industry has largely underperformed the broader market. Lockheed Martin (NYSE: LMT ) is making a comeback in 2023 as geopolitical tensions rise.
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