TokyoTokyo Mon - Fri 10:00-18:00 +81 (368) 662-975
info@mountequitygroup.com

Lockheed second quarter profit misses even as space business boosts sales

Mount Equity Group Tokyo, Japan > News > Business > Lockheed second quarter profit misses even as space business boosts sales

A RAF Lockheed Martin F-35B fighter jet taxis along a runway after landing at the Royal International Air Tattoo at Fairford, Britain July 8, 2016. REUTERS/Peter Nicholls/File Photo

WASHINGTON, July 26 (Reuters) – U.S. weapons maker Lockheed Martin Corp (LMT.N) said on Monday its space business boosted revenues in the latest quarter, but a classified aeronautics development program caused the company to miss analysts’ profit estimate, sending shares down 3.2% in early trading.

Lockheed’s second-quarter earnings report comes a year after the global pandemic first hit the defense industry and its supply chain, causing shutdowns, shortages and months of delays.

Fresh support for the industry came last week when the Democrat-controlled U.S. Senate’s Armed Services Committee rolled out a draft of its 2022 defense budget which boosted spending by $25 billion, potentially benefiting defense companies including Lockheed Martin, and signaling…

Read more…