Lockheed Martin booked $184M in charges on two Middle East contracts, in a move that highlights the potential pitfalls of the overseas deals that have been driving growth for US defense contractors.
Lockheed Martin took charges on a new missile-defense system being developed for the UAE and an Abu Dhabi-based aircraft maintenance joint venture, ending a multi-quarter run of earnings beats, the company said in a statement Tuesday.
Marillyn Hewson, Lockheed's chief executive, acknowledged the dent to the company's first quarter earnings from the $184 million in Middle East charges, but said she remained optimistic both ventures could still trigger future sales growth.
Lockheed still expects profit margins on its F-35 combat jet to continue rising, even as it pursues an effort to cut the cost of the most popular model to $80 million over the next several years.
Overseas defense budgets in general have been growing faster than Pentagon spending, especially in the Middle East and Asia. Investors have recently become more cautious about the upward trajectory of domestic outlays under President Donald Trump.
Indonesia will equip its F-16 Fighting Falcon fighter jets with Lockheed Martins Sniper Advanced Targeting Pod under an agreement signed during the US Vice President Mike Pence visit to Jakarta last week. According to a statement released by the U
The US Navy has awarded a $109 million contract to Lockheed Martin for hardware and software upgrade kits in support of the F-35 Joint strike fighter aircraft. The awarded contract is for the procurement of 567 modification kits for offboard system hardware and turnaround assets, and also recurring labor for the completion of hardware and software upgrades in support of the F-35 Lighting III Block 3F upgrade for Air Force ($62,663,062); Marine Corps ($43,453,490); Navy $3,060,885); and international partners ($386,297), the US Department of Defense said in a press release Tuesday
Lockheed Martin incurred reduced net earnings of $114 million, or $0.39 per share due to a $120 million charge on a 'loss program' to design, integrate, and install an integrated air missile defense C4I system for an international customer
Lockheed Martin's fifth Mobile User Objective System (MUOS) satellite will support US Naval troops with ultra high frequency communications. The MUOS-5 satellite has completed Global Military Cellular Network as spare for next-generation capabilities
The US Army has ordered additional AN/TPQ-53 counterfire radar systems under a $1.6 billion order-dependent contract awarded to Lockheed Martin
US Army has failed to keep accurate records on more than $1 billion worth arms transfers in Iraq and Kuwait, according to declassified document obtained by a human rights organization. The arms have been supplied under US-Iraqi cooperation agreement
Lockheed Martin has won $1.3 billion advance acquisition contract for long-lead time materials, parts, components, and effort for 130 F-35 Lightning II aircraft for the Air Force, Navy and Marine Corps
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