Lockheed Martin posts $17bn Q2 2021 revenue

Photo: EPA

US weapons maker Lockheed Martin reported a total revenue of 17 billion dollars in the second quarter of 2021, almost in line with expectations. However its space business boosted the revenues but a classified aeronautics development programme undermined the firm's results, Reuters elaborated. Lockheed's second quarter earnings report comes a year after the global pandemic first hit the industry and further damaged the supply chain, causing shutdowns, shortages and months of delays.

Fresh support for the industry came as US 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.

Quarterly sales at Lockheed's largest unit, aeronautics - which makes the F-35 fighter jets, rose 2.5% to $6.6 billion. But "performance issues" at aeronautics in the quarter led to a loss of $225 million on "a highly classified programme that Lockheed Martin has been working on for a couple of years," Ken Possenriede, Lockheed's chief financial officer, said.

In its sales outlook for the year, Lockheed decreased the aeronautics segment by $175 million, but increased its outlook for sales by the same figure across the Rotary and Mission Systems unit and Space unit.

The space unit saw its profits in the quarter increase to $335 million, a jump of 33%, due to progress on space based sensor platforms and its United Launch Alliance investment.

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