Lockheed Martin Corp LMT reported its first-quarter revenues and earnings ahead of expectations.

The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.

Goldman Sachs On Lockheed Martin

Analyst Noah Poponak reiterated a Sell rating while raising the price target from $377 to $378.

Lockheed Martin reported its first-quarter earnings at $6.33 per share, surpassing consensus of $5.82 per share, Poponak said in a note. He added that revenues came in 7% higher than expected.

Although Lockheed Martin topped revenue estimates in the quarter, its margins were short and it recorded a loss on a "large classified missile program," the analyst stated.

The company's margins could remain under pressure "for an extended period, while broader industry margins remain a question as the Pentagon has aimed to balance risk sharing with contractors," he added.

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Truist Securities On Lockheed Martin

Analyst Michael Ciarmol said in a note that Lockheed Martin's normalized revenue growth was 5% year-on-year in the first quarter, adjusting for an extra calendar week. He added that the total backlog of $159.4 billion was slightly lower sequentially.

"All aspects of 2024 guidance were reaffirmed, budget deal and supplemental may drive upside to the midpoint of rev growth, but likely YOY growth decelerates for the remainder of 2024," the analyst wrote.

He further stated that Lockheed Martin remains on track for 75 to 110 of F-35 deliveries, depending on the receipt of TR-3 hardware.

LMT Price Action: Shares of Lockheed Martin had declined by 0.0065% to $460.05 at the time of publication on Wednesday.