Key receivers
- Lockheed Martin lowered its expectations for F-35 deliveries this year and pushed back its view of debuting the updated TR-3 jet.
- The company expects 97 F-35 deliveries this year, down from its previous guidance of 100-120.
- Lockheed Martin shares fell 4.8 percent to an 11-month low on Wednesday.
Lockheed Martin ( LMT ) has warned that it will deliver fewer F-35 jet fighters this year than expected, and that the first Advanced Technology Renewal (TR-3) jets will not be ready until next year.
The defense contractor explained in a regulatory filing that it expects to deliver 97 F-35s by 2023, up from an estimated 100 to 120 previously. He also said that the first delivery of the TR-3s would be between April and June 2024. It was already predicted to happen this year.
The company added that the total number of F-35 deliveries next year will depend on when the first TR-3s are delivered and the time required to complete the customer acceptance process. Lockheed Martin continues to evaluate how this will affect its business in 2024, the company said.
He explained that the company is producing 156 F-35s per year and will continue at that rate as it works to complete the TR-3 software and development.
The F-35 is the company’s largest program. Sales jumped $735 million in the second quarter, accounting for nearly three-quarters of the overall revenue increase for Lockheed Martin’s aerospace division.
Shares of Lockheed Martin fell 4.8 percent to their all-time low last October.
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