Finding opportunities for a steady and high return is crucial before the next market boom. Three exceptional businesses provide attractive opportunities in various industries. 

Leading the aerospace and military industries, the first one gains from significant revenue growth fueled by important government contracts. The corporation has secured its place as a top performer in the industry by receiving more money for essential initiatives with the passage of the FY2024 defense budget. Similarly, the second one takes advantage of the expanding market for smokeless oral goods, which is expanding significantly in both the Japanese and American markets. The company’s dominance in this market indicates consumers gravitate toward healthier options.

In the meantime, the third one demonstrates resilience and growth in hybrid solutions while showcasing its strength in IT infrastructure. The firm is positioned as a dependable investment option due to its capacity to adjust to changing market needs. Furthermore, the third company’s robust free cash flow allows it to make calculated investments, improving its long-term growth prospects.

Each firm’s strategic efforts and market positioning highlight this potential, making them appealing investment options for astute investors.

Lockheed Martin (LMT)

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In Q1 2024, Lockheed Martin’s (NYSE:LMT) net sales increased significantly to $17.2 billion from $15.1 billion in the same period the previous year. This significant rise shows the company’s capacity to produce large amounts of income over an extended period. With a healthy backlog of $159 billion, the firm demonstrated a solid fit between the goals and priorities of its customers and its cutting-edge technological solutions. A sizable backlog suggests a robust pipeline of potential future revenue-generating projects.

Moreover, adopting the FY2024 defense budget favors Lockheed Martin since it provides funds for several important initiatives the firm depends on, including multi-year munitions acquisition, hypersonics and secret operations. The financial additions for projects like the C-130 and F-35 aircraft further strengthened Lockheed Martin’s growth prospects, including supporting important initiatives such as F-35, CH-53K, UH-60M, and others.

Lastly, Lockheed Martin’s global market reach is demonstrated by agreements to provide F-35 aircraft to the Czech Republic, Turkey, and Singapore, among other countries. Hence, these agreements show that Lockheed Martin’s goods and services are in high demand abroad, broadening its sources of income outside of its home country.

Philip Morris International (PM)

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ZYN nicotine pouches, an oral smoke-free product from Philip Morris International (NYSE:PM), have grown remarkably. One vital trend is the significant development in ZYN nicotine pouch shipping volume. The number of can shipments increased by 79.7% year-over-year (YoY) to reach 131.6 million in the U.S. This significant increase demonstrates the high customer demand for ZYN products and their rising status in the oral smoke-free product market.

Additionally, ZYN has consecutive gains in market share within the oral nicotine pouch category in the United States. The company’s share in the category rose to over 74% for the fourth consecutive quarter, a sequential rise of 1.3 percentage points. The increase in market share and the dominance of Philip Morris in the area of oral smoke-free products are demonstrated by the statistics.

Finally, Japan is a crucial market for Philip Morris’ IQOS products, as the company has seen a significant rise in market share in that nation. Hence, IQOS increased its market share significantly in Japan, rising by more than three percentage points to above 29%. 

IBM (IBM)

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At constant currency, the IBM (NYSE:IBM) infrastructure segment’s revenue increased by 0.2%, with hybrid infrastructure driving the majority of the rise at 6%. Revenue from IBM Z, the company’s flagship hardware product, increased by 5%, demonstrating the ongoing demand for IBM’s mainframe solutions.

Additionally, distributed infrastructure fared well, growing at a pace of 7% at constant currency. IBM’s infrastructure division exhibits growth and durability, especially in hybrid solutions. Thus, IBM Z’s robust performance highlights its continued significance in the AI age, particularly for real-time AI-inferencing workloads. 

Moreover, in Q1 2024, IBM generated $1.9 billion in free cash flow, a notable $600 million increase annually. During the previous 12 months, IBM generated $11.8 billion in free cash flow, putting the business in a strong position for further investment and strategic objectives. Hence, its constant generation of large free cash flows demonstrates IBM’s potential for reinvestment and financial stability.

In summary, IBM’s financial stability is preserved by pursuing strategic acquisitions, including the upcoming acquisition of HashiCorp, thanks to its robust cash flow.

As of this writing, Yiannis Zourmpanos held a long position in PM. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.