Sunday 23 July 2017

Profits dip at weapons firm Lockheed

Lockheed Martin is a leading suppljer of military aircraft and weapons
Lockheed Martin is a leading suppljer of military aircraft and weapons

Lockheed Martin, the Pentagon's top weapons supplier, reported a 6pc fall in quarterly profit, partly due to fewer aircraft deliveries.

Weapons makers, including Lockheed and Raytheon have increased focus on international markets and the cybersecurity business as weak US defense spending hits revenue.

Sales in Lockheed's aeronautics business, its largest, fell 7.4pc to $3.13bn (€2.9bn) in the first quarter ended March 29. The business makes the F-35, the radar-evading jet that at about $400bn each is the world's most expensive weapons program.

Revenue from Lockheed's information systems, missile and fire control units fell.

Irish Independent

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