Lockheed Martin reported a miss in their aeronautics revenue segment within their third quarter earnings on Tuesday. Segment revenues fell 5% year over year with the company saying F-35 jets face delivery delays amid heightened demand. Lockheed shares fell 1.9% in premarket trading.
(Bloomberg) — Lockheed Martin reported a miss in their aeronautics revenue segment within their third quarter earnings on Tuesday. Segment revenues fell 5% year over year with the company saying F-35 jets face delivery delays amid heightened demand. Lockheed shares fell 1.9% in premarket trading.
Estimates called for a 3.8% decline year over year in Aeronautics Revenue as quality issues arise for the F-35’s following an increase in production. “Parts shortages continue to cause production inefficiencies” the Pentagon’s contracts management agency told Bloomberg.
The jet has received increased demand following heightened global volatility, according to Bloomberg Intelligence however deliveries face delays until software that powers the most advanced version of the jet is approved. The fighter jet recently made national headlines for going ‘missing’ over North Carolina.
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