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Tag: Lockheed
Lockheed hit by $2B in charges on 2 classified programs
A sign for Lockheed Martin Corp. stands outside the company’s headquarters in Bethesda, Maryland, U.S., on Friday, Nov. 16, 2012. Photographer: Andrew Harrer/Bloomberg via Getty Images
WASHINGTON — Higher than expected engineering costs and other difficulties forced Lockheed Martin to book $2 billion in losses on two classified programs in 2024, with a $1.7 billion hit occurring in the final quarter of the year, the company said in results today.
The world’s largest defense contractor recorded total year end losses of $1.4 billion on a classified program in its missiles and fire control (MFC) portfolio as well as a $555 million overrun on a program in its aeronautics division, Lockheed said in a news release. Of that sum, the MFC program logged a $1.3 billion charge in the fourth quarter, with the aeronautics program incurring a $410 million charge during the same period.
The MFC program losses stem from a contract where Lockheed can be reimbursed for costs during the initial phase of the program, but where follow-on contract options are locked under a fixed-price deal that holds Lockheed responsible for paying costs above a certain threshold. Lockheed estimates that all options exercised over the “next several years” would be performed at a loss to the company, with the first $100 million charge occurring in the first quarter of 2024.
“During the fourth quarter of 2024, the company again assessed the likelihood that additional options may be exercised and now believe it is probable that all options will be exercised based on performance to date, future requirements of the program, discussions with the customer and suppliers, and anticipated customer funding, among other factors, resulting in the recognition of additional losses,” Lockheed said in a release.
When Lockheed executives first disclosed the hit to the MFC program in April, CEO Jim Taiclet characterized the program as a long-running franchise that will deliver a strong return on investment after going through a period of teething pains, while Chief Financial Officer Jay Malave said the effort was expected to become profitable on an annual basis around the 2028 timeframe.
Meanwhile, Lockheed described the impacted aeronautics program as a fixed-price incentive fee contract involving “highly complex design and systems integration.” The company conducted a review of the program due to undisclosed near-term milestones and trends experienced in the fourth quarter, and recorded losses based on “higher projected costs in engineering and integration activities that are necessary to achieve those forthcoming milestones,” it said.
During an earnings call this morning, Malave laid out a list of process changes aimed at drilling down on some of the challenges faced by the classified aeronautics changes, which include implementing a continuous monitoring process to track the program’s technical milestones, adding technical resources and experts to the team in areas where there is elevated risk, and adding new automated testing procedures to speed up the finding and fixing of issues.
“All those things taken together, give us confidence that we have significantly derisked this program and significantly reduced the risk of future charges on this,” Malave said.
Beyond the classified programs, Taiclet said Lockheed looks forward to working with the Trump administration, particularly on streamlining acquisition processes and inducing innovation. He gave a particular shout out to the Elon Musk-led Department of Government Efficiency (DOGE), echoing the sentiments of top executives from L3Harris and General Atomics, who recently sent letters to Musk suggesting potential reforms.
“We see DOGE [the Department of Government Efficiency] as an opportunity to make great progress in all these areas, and we will continue to share ideas and do our part to support efforts to eliminate unnecessary regulatory hurdles while working to increase efficiency in our own internal operations,” Taiclet said.
Lockheed is making “excellent progress” on the F-35’s Technology Refresh 3 (TR-3), Malave said, referring to an update to the aircraft’s computing systems needed to field future mission system upgrades. However, the company still needs to complete some mission system integration work and improve the stability of the equipment, and although the company will meet “some milestones” this year, Malave would not go as far as to say the upgrade package will meet full combat capability this year as previously planned.
“We’re targeting as much as possible this year. But I think for purposes of financial modeling, we would expect, you know, this to bleed into 2026,” he said, adding that “ultimately, the declaration of full combat capability is one that is left with our customer.”
The company expects to definitize its F-35 Lot 18 contract with the Pentagon in the first half of the year, with Lot 19 to follow by the end of 2015, Malave said.
Because of the classified program losses, Lockheed’s target earnings per share for 2024 amounted to $22.31. It recorded $5.3 billion in free cash flow for 2024. Net sales increased 5% to $71 billion.
The company expects net sales of about $73.7 billion to $74.7 billion in 2025, with a free cash flow target of around $6.6 billion to $6.8 billion.
Updated on 1/28/25 at 1:55 pm to add information from Lockheed Martin’s earnings call.
Lockheed Martin, one of the world’s largest defense contractors, has been hit by $2 billion in charges related to two classified programs. The company announced the charges in a recent earnings report, revealing that the costs were associated with delays and cost overruns on the programs.While Lockheed did not disclose specific details about the programs in question, the company did acknowledge that they were both classified and therefore limited in what information could be shared publicly. The charges come as a significant blow to Lockheed, which has faced scrutiny in recent years for its handling of various defense contracts.
Despite the setbacks, Lockheed remains optimistic about its long-term prospects and continues to work closely with the government to address the issues surrounding the classified programs. The company is committed to delivering high-quality products and services to its customers, and is working diligently to overcome the challenges that have arisen.
Investors and analysts will be closely watching Lockheed’s next moves as the company navigates the fallout from the $2 billion in charges. The defense contractor’s ability to effectively manage its classified programs and deliver on its commitments will be key factors in determining its future success in the highly competitive defense industry.
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Should You Buy, Hold or Sell Lockheed Martin Stock Post Q4 Earnings?
Lockheed Martin Corp. LMT delivered mixed fourth-quarter 2024 results. While its bottom line comfortably surpassed the Zacks Consensus Estimate, its top line missed the same. Unimpressively, on a year-over-year basis, both LMT’s sales and earnings reflected deterioration.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
While dismal sales performance at two of its four business segments led to the reported quarter’s sales decline, higher cost of sales and interest expense affected the bottom line. As a silver lining, the company ended 2024 with cash and cash equivalents worth $2.48 billion compared with $1.44 billion at the end of 2023. Such an improved cash balance indicates a healthy financial position for LMT .
A prudent investor knows that a significant decision like buying a stock should not depend on a company’s single quarterly performance alone. Instead, to make a more informed decision, one should be mindful of the stock’s performance over the past year in terms of share price return, its long-term prospects as well as risks (if any) to investing in the same. We have provided a detailed discussion on this, as one can see below.
Shares of Lockheed have surged 6% over the past year, outperforming the Zacks aerospace-defense industry’s growth of 0.7%. However, the stock has underperformed the broader Zacks Aerospace sector’s growth of 8.7% as well as the S&P 500’s gain of 23% in the same time frame.
A stellar performance has been delivered by other industry players like Embraer ERJ, RTX Corp. RTX and Leidos Holdings LDOS, which outpaced the industry, sector as well as the S&P 500. Notably, shares of these defense stocks witnessed a surge of 118.7%, 41.7% and 26.8%, respectively, over the past year.
LMT’s One-Year Performance
Zacks Investment Research Image Source: Zacks Investment Research
Lockheed’s broad portfolio of varied products — ranging from stealth fighter aircraft and littoral combat ships to missiles and space exploration capabilities — allows it to secure major defense contracts, boosting its backlog count. Evidently, the company ended 2024 with a record backlog of $176 billion, reflecting a solid increase from the previous year’s level of $160.6 billion. Such improving backlog count reflects the strong demand that LMT’s advanced defense technology and systems enjoy worldwide. This got reflected in the form of solid share price hike over the past year.
Moreover, LMT’s solid financial position enables it to make notable payouts to its shareholders. In 2024, Lockheed paid out dividends worth $3.06 billion to its shareholders and repurchased 7.5 million shares worth $3.7 billion. Investors tend to choose stocks like LMT that offer solid shareholder returns in the form of healthy dividend payouts and share repurchases.
Lockheed Martin Corporation recently reported its fourth quarter earnings, leaving investors wondering whether they should buy, hold, or sell the stock. With the company beating earnings estimates and providing strong guidance for the future, many may see this as a buying opportunity.Lockheed Martin is a leading defense contractor with a strong track record of delivering solid financial results. The company reported fourth quarter earnings per share of $6.38, beating analyst estimates of $6.34. Revenue also exceeded expectations, coming in at $17.02 billion compared to the forecasted $16.86 billion.
Looking ahead, Lockheed Martin provided strong guidance for 2022, forecasting earnings per share in the range of $27.40 to $27.70. This guidance reflects the company’s confidence in its ability to continue generating strong profits in the coming year.
Given the positive earnings report and strong guidance, many analysts are recommending buying Lockheed Martin stock. The company’s solid financials, strong position in the defense industry, and consistent dividend payments make it an attractive investment opportunity for long-term investors.
However, it is important to consider potential risks before making any investment decisions. Factors such as geopolitical tensions, changes in government spending on defense, and competition from other defense contractors could impact Lockheed Martin’s future performance.
Ultimately, whether you should buy, hold, or sell Lockheed Martin stock post-Q4 earnings will depend on your individual investment goals and risk tolerance. It is always advisable to do thorough research and consult with a financial advisor before making any decisions.
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Lockheed Martin stock, Lockheed Martin Q4 earnings, buy Lockheed Martin stock, hold Lockheed Martin stock, sell Lockheed Martin stock, stock market analysis, investment decisions, financial news, aerospace and defense industry.
#Buy #Hold #Sell #Lockheed #Martin #Stock #Post #EarningsMedia – Lockheed Martin – Releases
Sikorsky Begins Black Hawk® Ground Runs with U.S. Army T901 Improved Turbine Engines
Fundamental to Black Hawk modernization, the new GE Aerospace engine will boost aircraft performance and range
WEST PALM BEACH, Fla., Jan. 29, 2025 – Sikorsky, a Lockheed Martin company (NYSE: LMT), started its first-ever ground runs on a UH-60M Black Hawk® helicopter equipped with two GE Aerospace T901 Improved Turbine Engines (ITE). During this test, the T901 engine demonstrated its capabilities through a series of rigorous procedures. The initial light off and ground runs were executed by a combined U.S. Army and industry test team and operated by Army and Sikorsky pilots.
“Soldiers will rely on Black Hawk helicopters well into the future, and upgrades to the aircraft today will pay dividends for decades, enabling new missions such as deploying and managing launched effects,” said Hamid Salim, vice president of Army and Air Force Systems at Sikorsky. “A modernized Black Hawk fleet will create new operational opportunities for the Army by extending the capabilities of a proven, fielded fleet to travel farther on less fuel and with more troops and cargo.”
First flight of the ITE-equipped Black Hawk is anticipated this year.
View the video of light off and ground runs.
Progressing to First Flight
The ground runs on the T901 ITE engines verified system functionality, engine health and test setup for an efficient testing process.
The test demonstrated the T901’s start-to-fly progression, including idle and fly modes, with the rotor brake disengaged, marking a significant step toward the program’s goal of delivering a more powerful and efficient engine for the next-generation Black Hawk.
The start-to-fly progression tests the functionality of the entire system, from the engine start sequence to the engagement of the main rotor to enable lift-off. The test team verifies that all critical systems, including fuel, electrical, hydraulic, and flight control systems, are functioning as expected.
The successful ground test set the stage for more advanced testing, such as hover and forward flight tests.
A Modernized Black Hawk
The T901 engine will increase the Black Hawk’s power by 50%, while also improving fuel efficiency and is a critical component of the roadmap to a modernized Black Hawk – a key part of Lockheed Martin’s 21st Century Security® vision.
Sikorsky H-60M modernization efforts continue to be primarily focused on ITE, as well as Modular Open Systems Approach/digital backbone and Launched Effects. Digital innovations, such as a new sustainment digital twin, improve safety and mission readiness while reducing costly downtime and unscheduled maintenance. Since 2022, Sikorsky has demonstrated the ability to reduce pilot workload and increase safety by incorporating proven autonomy capability into Black Hawk.
For additional information, visit our website: www.lockheedmartin.com/blackhawk.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.For further information: Media Contact: Melissa Chadwick
M 202-740-5997 | melissa.a.chadwick@lmco.com
Lockheed Martin, a global aerospace and defense company, has recently made headlines with the release of their latest technology and innovations. From cutting-edge aircrafts to advanced missile defense systems, Lockheed Martin is at the forefront of shaping the future of military and aerospace industries.Stay tuned for updates on their latest releases and how they are shaping the future of defense technology. #LockheedMartin #Aerospace #DefenseTechnology
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#Media #Lockheed #Martin #ReleasesWhy Lockheed Martin (LMT) Stock Is Down Today
Why Lockheed Martin (LMT) Stock Is Down Today Shares of security and Aerospace company Lockheed Martin (NYSE:LMT) fell 8.9% in the morning session after the company reported underwhelming fourth quarter results, with revenue and earnings both falling below Wall Street’s expectations. Its full-year EPS guidance also missed significantly. Notably, this quarter’s EPS fell short of Wall Street’s estimates because the company recorded a $1.3 billion loss in its Missiles and Fire Control (MFC) business segment. Overall, these results could have been better.
The shares closed the day at $457.55, down 9.2% from previous close.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Lockheed Martin? Access our full analysis report here, it’s free.
Lockheed Martin’s shares are not very volatile and have only had 2 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 3 months ago when the stock dropped 5.5% on the news that the company reported third-quarter earnings results, with revenue falling below Wall Street’s expectations. Notably, the company was unable to recognize revenue and profit on approximately $400 million of costs incurred on the Lots 18-19 production contract in the quarter.
On the other hand, Lockheed Martin blew past analysts’ EBITDA expectations, and its full-year revenue guidance came in higher than Wall Street’s estimates. Overall, this was a mixed but weaker quarter.
Lockheed Martin is down 4.9% since the beginning of the year, and at $458.49 per share, it is trading 25.4% below its 52-week high of $614.61 from October 2024. Investors who bought $1,000 worth of Lockheed Martin’s shares 5 years ago would now be looking at an investment worth $1,049.
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There are a few reasons why Lockheed Martin (LMT) stock is down today.Firstly, concerns about decreased defense spending could be impacting the stock. With the new administration in the White House, there may be changes to the defense budget that could potentially hurt Lockheed Martin’s bottom line.
Additionally, there may be worries about the impact of the ongoing global pandemic on Lockheed Martin’s business. The pandemic has disrupted supply chains and caused delays in production, which could be affecting the company’s performance.
Lastly, there may be broader market factors at play that are contributing to the decline in Lockheed Martin’s stock price. Economic uncertainty and volatility in the stock market could be causing investors to sell off their shares in the company.
Overall, these factors, combined with any other company-specific issues, could be contributing to the decrease in Lockheed Martin’s stock price today. Investors should continue to monitor the situation and stay informed about any developments that could impact the company’s performance.
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#Lockheed #Martin #LMT #Stock #TodayLockheed Martin (LMT) Stock Sinks As Market Gains: Here’s Why
Lockheed Martin (LMT) closed the most recent trading day at $497.28, moving -0.41% from the previous trading session. The stock’s change was less than the S&P 500’s daily gain of 0.53%. Meanwhile, the Dow gained 0.93%, and the Nasdaq, a tech-heavy index, added 0.22%.
Shares of the aerospace and defense company witnessed a gain of 2.3% over the previous month, trailing the performance of the Aerospace sector with its gain of 4.46% and the S&P 500’s gain of 2.69%.
The investment community will be paying close attention to the earnings performance of Lockheed Martin in its upcoming release. The company is slated to reveal its earnings on January 28, 2025. It is anticipated that the company will report an EPS of $6.60, marking a 16.46% fall compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $18.85 billion, indicating a 0.1% decline compared to the corresponding quarter of the prior year.
Investors might also notice recent changes to analyst estimates for Lockheed Martin. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company’s business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 1.03% lower within the past month. As of now, Lockheed Martin holds a Zacks Rank of #3 (Hold).
In terms of valuation, Lockheed Martin is presently being traded at a Forward P/E ratio of 17.98. Its industry sports an average Forward P/E of 20.33, so one might conclude that Lockheed Martin is trading at a discount comparatively.
It is also worth noting that LMT currently has a PEG ratio of 4.05. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock’s expected earnings growth rate. LMT’s industry had an average PEG ratio of 1.43 as of yesterday’s close.
The Aerospace – Defense industry is part of the Aerospace sector. Currently, this industry holds a Zacks Industry Rank of 180, positioning it in the bottom 29% of all 250+ industries.
Lockheed Martin Corporation (LMT) stock experienced a slight dip today, while the overall market saw gains. This drop comes as a surprise to some investors, as Lockheed Martin is a well-established aerospace and defense company known for its strong performance.One possible reason for the dip in Lockheed Martin’s stock could be related to concerns about government spending on defense contracts. With changing political landscapes and budget priorities, investors may be wary of potential cuts to defense spending that could impact Lockheed Martin’s bottom line.
Another factor that could be influencing the stock’s performance is competition from other defense contractors. As the industry becomes more competitive, Lockheed Martin may face challenges in securing new contracts and retaining market share.
Despite the recent dip in stock price, many analysts remain bullish on Lockheed Martin’s long-term prospects. The company has a strong track record of innovation and a diverse portfolio of products and services that position it well for future growth.
Investors should carefully monitor developments in the defense industry and keep an eye on Lockheed Martin’s financial performance to make informed decisions about their investments in the company.
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China hits Lockheed Martin, Raytheon and Boeing with export ban after US arms sales to Taiwan
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China banned the export of dual-use products to over two dozen US defence contractors, targeting top players like Lockheed Martin and Raytheon, as it objected to Washington’s latest arms sales to Taiwan.
Beijing imposed the ban on 28 US defence contractors, placing 10 of them on an unreliable entities list over weapons sales to Taiwan, the commerce ministry said on Thursday.
The decision, “based on China’s export control law and regulation on export control of dual-use items”, was taken to “safeguard national security and interests and fulfil international obligations including non-proliferation,” the ministry said.
The targeted firms also included General Dynamics and Boeing.
The 10 “unreliable entities” were engaged in the American weapons sales to Taiwan “despite strong opposition” from Beijing.
“The so-called military technology cooperation seriously undermines China’s national sovereignty and territorial integrity, violates the One China principle and the provisions of the three joint communiques between China and the US, and significantly threatens peace and stability in the Taiwan Strait,” a ministry spokesperson said.
China considers Taiwan a part of its territory and does not rule out the use of force to “reunite” the island.
The export ban mimics last month’s sanctions on defence and aerospace entities involved in a previous sale of weapons to Taiwan. The sanctions targeted Insitu, Hudson Technologies, Saronic Technologies, Raytheon Canada, Raytheon Australia, Aerkomm, and Oceaneering International Inc.
The firms under the latest ban will be barred from import and export activities in China and from making new investments. Their officials cannot enter the country and their work permits or residency will be revoked.
It was not immediately clear how many individuals would be impacted by the decision.
Taiwan last month received a batch of 38 advanced Abrams battle tanks from the US in a significant boost to the island’s land defence capabilities. Another 42 tanks, considered the heaviest in the world, are due to be delivered this year, and 28 the year after.
The island has been upgrading its defence capabilities – acquiring F-16 fighter jets, missiles, submarines and artillery systems from the US – in the face of increasing military drills by China.
Recently, China has announced a ban on exporting sensitive military technology to top US defense contractors Lockheed Martin, Raytheon, and Boeing. This decision comes in response to the United States’ approval of a $1.8 billion arms sale to Taiwan, a move that has further strained already tense relations between the two superpowers.The Chinese government has accused the US of violating its sovereignty and interfering in its internal affairs by selling weapons to Taiwan, a self-governing island that Beijing considers a renegade province. In retaliation, China has imposed restrictions on the export of key components and technology that are critical to the operations of Lockheed Martin, Raytheon, and Boeing.
This export ban is expected to have a significant impact on the operations of these defense contractors, as China is a major market for their products and a key supplier of essential components. It is also likely to escalate tensions between the US and China, as both countries continue to engage in a bitter trade war and geopolitical rivalry.
The move by China underscores the complex and interconnected nature of international relations, where decisions made by one country can have far-reaching consequences for others. As tensions between the US and China continue to escalate, it remains to be seen how this latest development will affect the global defense industry and geopolitical landscape.
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DOD, Lockheed Agree on Price for Next 145 F-35s
The F-35 Joint Program Office has agreed in principal to pay up to $11.8 billion for the next 145 F-35s from manufacturer Lockheed Martin—but final details on the deal won’t be hammered out until the spring.
The action specifies that the cost will not exceed $11.76 billion for Lot 18 jets, pegging the average price for the three F-35 variants at $81.1 million. Work on the jets is to be completed by June 2027.
The Department of Defense announced the “undefinitized” deal Dec. 20, saying final details will be worked out in the coming months. The Defense Acquisition University defines an undefinitized contract action as one that has “some aspect that is left open, to be determined prior to the start of contract performance.” Lockheed and the Pentagon previously agreed to an undefinitized contract action for F-35s in 2018, saying then that it allowed the company to receive funds to keep up production while final details were being negotiated.
Among the 145 jets included are:
- 48 F-35As for the Air Force
- 16 F-35B and 5 F-35C models for the Marine Corps
- 14 F-35C models for the Navy
- 15 F-35A and 1 F-35B models for F-35 program partners
- 39 F-35A and 7 F-35B models for Foreign Military Sales customers
Exact costs per type and service were not disclosed.
Getting the undefinitized action is important for Lockheed; officials said in October that the company was fronting its own money to keep F-35 production up while negotiations dragged on.
It could also be important given the upcoming change in presidential administrations. While President-elect Donald Trump has been highly complimentary of the F-35 and some Republican leaders want to boost defense spending, other administration insiders have been critical of the jet—most prominently Elon Musk, co-chair of the “Department of Government Efficiency.” Musk’s commission is supposed to advise Trump on cost-saving moves, and Musk has criticized both the F-35 program and the purpose of building crewed aircraft, rather than uninhabited drones. Musk’s comments have drawn sharp rebukes from both sides of the political aisle.
The Department of Defense (DOD) and Lockheed Martin have reached an agreement on the price for the next 145 F-35 fighter jets. This deal ensures continued production of the advanced aircraft, which is crucial for national security and military readiness. Stay tuned for updates on this important development in defense procurement. #F35 #LockheedMartin #DOD #defenseprocurement
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