Lockheed Martin (NYSE: LMT) reported earnings on April 23. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Lockheed Martin beat expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue contracted slightly. Non-GAAP earnings per share grew. GAAP earnings per share expanded.

Margins grew across the board.

Revenue details
Lockheed Martin chalked up revenue of $11.07 billion. The 16 analysts polled by S&P Capital IQ predicted sales of $10.33 billion on the same basis. GAAP reported sales were the same as the prior-year quarter's.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $2.25. The 20 earnings estimates compiled by S&P Capital IQ anticipated $2.04 per share. Non-GAAP EPS of $2.25 for Q1 were 11% higher than the prior-year quarter's $2.02 per share. (The prior-year quarter included $0.01 per share in earnings from discontinued operations.) GAAP EPS of $2.33 for Q1 were 15% higher than the prior-year quarter's $2.03 per share. (The prior-year quarter included $0.01 per share in earnings from discontinued operations.)

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 9.4%, 80 basis points better than the prior-year quarter. Operating margin was 9.4%, 50 basis points better than the prior-year quarter. Net margin was 6.9%, 100 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $11.27 billion. On the bottom line, the average EPS estimate is $2.21.

Next year's average estimate for revenue is $45.10 billion. The average EPS estimate is $8.92.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 1,788 members out of 1,908 rating the stock outperform, and 120 members rating it underperform. Among 480 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 463 give Lockheed Martin a green thumbs-up, and 17 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Lockheed Martin is hold, with an average price target of $95.00.

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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool owns shares of Lockheed Martin. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.