Lockheed Martin (NYSE:LMT) just delivered another quarter of resilience, clocking in $17.1 billion in net sales for Q3 2024a 1% uptick from last year. The defense leader pulled in $1.6 billion in earnings, or $6.80 a share, all while returning $1.6 billion to shareholders via dividends and buybacks. Even with some revenue held up due to delays on the F-35 program, the company's record $165 billion backlog speaks volumes. Lockheed's continued push in missile programs and international partnerships is keeping its growth trajectory on track.

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Missiles and Fire Control stood out, with an 8% jump in sales to $3.2 billion, driven by ramped-up production of critical systems like GMLRS and LRASM. On the flip side, Aeronautics faced a 3% dip, mainly because of funding lags for the F-35, which also stalled $450 million in invoicing. CEO Jim Taiclet is optimistic, expecting to get the contract sorted next quarter and the cash flowing again.

Looking ahead, Lockheed upped its 2024 forecast and added $3 billion to its buyback arsenal, pushing total repurchase potential to $10.3 billion. The dividend's getting a 5% boost too, marking 22 years of consistent hikes. These moves show a company doubling down on rewarding shareholders, even as it continues to invest in 21st Century Security and expand its international footprint.

This article first appeared on GuruFocus.