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Home News Air weapons news

Lockheed Martin Increases Sales Forecast Due to Demand for Missiles and Fighter Jets

Svitlana Anisimova by Svitlana Anisimova
24/07/2024
in Air weapons news
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American defense contractor Lockheed Martin has raised its sales forecast for 2024 following the resumption of F-35 aircraft deliveries. The company now expects sales to range from $70.5 billion to $71.5 billion this year, up from its previous forecast of $68.5 billion to $70 billion.

The U.S. has resumed deliveries of the F-35 Lightning II fighters after a lengthy pause due to delays in software updates. Lockheed Martin has been upgrading the aircraft under the Technology Refresh 3 (TR-3) program, which provides fifth-generation fighters with improved displays and computational power. However, the resumption of deliveries includes incomplete software updates, and the Pentagon will withhold certain payments until the remaining enhancements are completed.

F-35 Lightning II

The F-35 is the largest defense program in the world and accounts for approximately 30% of Lockheed Martin’s revenue.

“F-35 remains our top priority, and we recently delivered the first aircraft with the TR-3 upgrade to the customer,” said CEO Jim Taiclet. “We expect deliveries to be completed by the end of 2024 and to reach our forecasted range of 75 to 110 F-35 aircraft.”

TR-3 involves both hardware and software upgrades and is considered the foundation for a broader modernization of the stealthy multirole fighter known as Block 4. According to Jim Taiclet, these enhancements are “important steps to ensure the F-35 remains the most advanced fighter in the world and a key node in the U.S. Department of Defense’s overall architecture.” However, the company does not expect the full technical upgrade package to be ready within the next few months.

F-35 Lightning II

Lockheed Martin’s net profit for Q2 was $6.85 per share, exceeding the LSEG forecast of $6.46 per share. Total quarterly sales increased by 8.5% to $18.12 billion, surpassing the expected $17.04 billion.

Lockheed Martin

Three months ago, Congress approved an additional $95 billion in funding to support Ukraine and Israel, contributing to Lockheed Martin’s increased profits. The conflicts in Ukraine and Israel require a large quantity of munitions, including Lockheed’s Patriot air defense missiles, which are used to intercept enemy rockets.

Source: reuters

Tags: FightersMilitary aviationMilitary missilesNewsUSA
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Svitlana Anisimova

Svitlana Anisimova

I'm addicted to books and stationery, and love everything with flour, sugar, and the hate-to-love trope. Have a lot of guilty pleasures for one girl, and don’t feel guilty about it.

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