Lockheed Expects Revenue Decline Amid F-35 Cuts, Afghanistan Pullout – By Marcus Weisgerber (Defense One) / Oct 26 2021
CEO Jim Taiclet also said the company’s purchase of Aerojet Rocketdyne is delayed.
The end of the war in Afghanistan, supply-chain problems, flat defense spending, and lower F-35 purchases are leading Lockheed Martin to project lower revenue in 2022, company executives told investors Tuesday.
Lockheed projects $66 billion in sales next year, down from the $67 billion it expects to ink this year. If the projections hold up, it would mark the first year since 2013 that the company did not increase its sales.
“Our current expectation is that sales in 2022 will decline slightly from our expected 2021 sales,” CEO Jim Taiclet said on the company’s quarterly earnings call with investment analysts. “We then anticipate sales will increase slightly in 2023 with steadily increasing sales growth through 2026.”
Lockheed’s stock fell more than 12 percent in mid-afternoon trading.
