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Pension, F-35 Weigh On Lockheed Martin’s Second Quarter Results

Cal Biesecker By
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Pension, F-35 Weigh On Lockheed Martin’s Second Quarter Results
Lockheed Martin Chief Financial Officer Jesus “Jay” Malave. Photo: Lockheed Martin

Lockheed Martin [LMT] on Tuesday posted sharp declines in earnings and sales as second quarter results were hit by a previously announced pension charge, delays in finalizing the next production contract for the F-35 fighter, and lower production volumes for the fighter. Negotiations with the Defense Department to finalize F-35 production for lots 15, 16 and 17 appear to be nearing conclusion as Lockheed Martin said the parties “recently reached an agreement in principle” for the low-rate initial production contract,…

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