Lockheed Martin To Delay F-35 Fighter Jet Delivery As Stocks Make Significant Drop In Over Four Months
Portfolio Pulse from Benzinga Neuro
Lockheed Martin Corp. (NYSE:LMT) announced a potential delay in the delivery of the TR-3 version of its F-35 fighter jets due to software issues, causing its stock to drop by 3.9%, the largest decline in over four months. Despite surpassing fourth-quarter earnings estimates with $18.87 billion in sales, Lockheed predicts a 6.5% decrease in earnings for 2024. The Pentagon is withholding $7 million in payment for each F-35 in storage until the software and hardware upgrades are completed.
January 24, 2024 | 10:52 am
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Lockheed Martin's stock experienced a significant drop due to the announced delay in F-35 deliveries, overshadowing its Q4 earnings beat. The company faces payment withholdings from the Pentagon and predicts lower earnings for 2024.
The direct mention of Lockheed Martin and the specific impact of the F-35 delivery delay on its stock price, along with the Pentagon's payment withholdings and the company's own earnings forecast, suggest a negative short-term impact on LMT's stock. The 3.9% drop reflects immediate market reaction, and the ongoing issues may continue to pressure the stock in the short term.
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