3 Things Overheard on Lockheed Martin's Earnings Call
Aerospace giant Lockheed Martin (NYSE: LMT) disappointed investors last week, sending its share price down 3.5% in the week since earnings came out. Despite the shooting war ongoing in Europe, sales at this defense contractor declined 8%, and profits per share slipped 2%.
America's Defense Department isn't doing much to make investors happier with Lockheed Martin either. As Bloomberg reported in March, the Pentagon was expected to request funding from Congress to purchase 94 of Lockheed's famous F-35 "stealth" fighter jets in its fiscal 2023 defense budget. The Pentagon shocked defense investors, however, by cutting its order by 35%, and now seeks funding for only 61 of Lockheed's fighter jets.
This sounds like more bad news for Lockheed Martin, but as management revealed in a conference call with analysts last week, some white knights are riding in to save the day -- and give Lockheed's all-important aerospace division a boost.
Source Fool.com
