Reported about 1 month ago
Lockheed Martin's stock fell 5% following the announcement of payment challenges related to its F-35 fighter jet program, despite the company raising its annual profit and sales forecasts. The defense contractor expects a per-share profit of $26.65 for 2024, up from a previous estimate, but is facing increased procurement costs due to delays in contract negotiations for upcoming jet deliveries. This situation has resulted in a 3% sales decline in its F-35 division, highlighting the impacts of government contracting delays amid ongoing global conflicts.
Source: YAHOO