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Business/Financial

F-35 Weighs On Lockheed Martin In Third Quarter; Next Production Award Looms

By Cal Biesecker

Tuesday, October 22nd, 2024

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F-35 Weighs On Lockheed Martin In Third Quarter; Next Production Award Looms

Two U.S. Air Force F-35A Lightning IIs assigned to the 48th Fighter Wing perform a pass over Royal Air Force Lakenheath, England, on April 16, 2022 (U.S. Air Force Photo)

Higher internal spending on the F-35 fighter program pressured earnings and sales at Lockheed Martin [LMT] in the third quarter as the company awaits a wrap on negotiations for the next production lots of the aircraft. Lockheed Martin expects to finalize the Lot 18 and 19 production contracts in the fourth quarter, which will allow it to recover sales, profit, and cash. In late 2023, the Defense Department awarded the company a $1.7 billion advanced acquisition contracts for the production…

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