Lockheed Martin Stock Slips After F-35 Jet Delivery Outlook Gets A Rough Ride
Portfolio Pulse from Nabaparna Bhattacharya
Lockheed Martin Corporation (NYSE:LMT) has updated its F-35 Technology Refresh 3 (TR-3) schedule, now expecting the first TR-3 jet delivery between April and June 2024, a delay from the previously anticipated 2023. The company now plans to deliver 97 aircraft in 2023, down from the earlier expectation of 100 to 120 jets. Despite the delay, Lockheed Martin does not expect this to impact its 2023 financial outlook, but is assessing potential impacts to 2024. Following the news, LMT shares dropped by 4.59%.
September 06, 2023 | 3:35 pm
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NEGATIVE IMPACT
Lockheed Martin's delay in F-35 TR-3 jet delivery and reduction in 2023 aircraft delivery has led to a 4.59% drop in its stock price.
The delay in the delivery of the F-35 TR-3 jet and the reduction in the number of aircraft to be delivered in 2023 has negatively impacted investor confidence, leading to a drop in Lockheed Martin's stock price. The company's reassurance that this will not impact its 2023 financial outlook may mitigate some of the negative impact, but the uncertainty regarding the impacts to 2024 could continue to put downward pressure on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100