Lockheed Martin Stock Price, News & Analysis

Lockheed Martin's F-35 Joint Program Office awarded contracts from FY2021-2023, focusing on operations and sustainment of the global F-35 fleet. These contracts achieve a more than 30% reduction in cost per flying hour from 2020 and aim for an additional 40% decrease in the next five years. The contracts enhance support activities such as maintenance and training for over 3,000 F-35 aircraft, significantly improving engine reliability and reducing operational costs. Over 690 aircraft are already delivered, with the fleet achieving over 430,000 flight hours.

Lockheed Martin (NYSE: LMT) has launched a 215,000 square foot advanced manufacturing facility at its Skunk Works campus in Palmdale, California. This facility is one of four being opened in the U.S. within the year and aims to enhance manufacturing capabilities using digital technologies and smart manufacturing components. The investment is part of over $400 million in capital improvements and is expected to accommodate over 450 employees. The facility merges human expertise with advanced digital tools, contributing to job creation in California and maintaining the state’s aerospace leadership.

Lockheed Martin (NYSE: LMT) announced the immediate retirement of Chief Financial Officer Kenneth R. Possenriede for personal reasons, effective August 3, 2021. John W. Mollard, the vice president and treasurer, has been appointed as the acting CFO. Mollard brings nearly four decades of experience within Lockheed Martin, which positions him well to lead the finance team during the search for a permanent CFO. Lockheed Martin will host a virtual investor event on August 5, 2021, featuring Mollard and other leaders discussing company matters.

Athene Holding Ltd. (ATH) announced the completion of a $4.9 billion pension risk transfer (PRT) transaction with Lockheed Martin (LMT). This deal, covering approximately 18,000 participants, marks Athene's largest PRT transaction to date. Athene's subsidiaries will manage the annuity benefits, providing income security to retirees. This transaction highlights Athene's strong position in the pension risk transfer market and reflects the growing trend among companies to mitigate pension liabilities. Since entering the market, Athene has completed over $19 billion in transactions.

Lockheed Martin Corporation (NYSE: LMT) has purchased group annuity contracts from Athene Holding Ltd. (NYSE: ATH) to transfer approximately $4.9 billion of pension obligations for around 18,000 retirees. The deal, expected to incur a non-cash settlement charge of roughly $1.7 billion in Q3 2021, does not change the retirees' benefits. The full-year 2021 earnings per share forecast has been updated to reflect this charge, indicating an expected range of $21.95 to $22.25 after tax. Lockheed Martin reaffirms its prior guidance on net sales and operating profit.

NASA's Lucy spacecraft has arrived at Kennedy Space Center, Florida, to prepare for its upcoming launch this fall. Lockheed Martin, who designed and built Lucy, aims to explore Jupiter's Trojan asteroids, which may provide insights into the solar system's formation. Following a successful transport from Colorado, where it was carefully handled by engineers, Lucy will undergo pre-launch tests and is scheduled for liftoff on an Atlas V 401 rocket. The mission will include flybys of eight asteroids over a journey of 12 years, offering a unique scientific opportunity.

Lockheed Martin Corporation (LMT) reported second quarter 2021 net sales of $17.0 billion, up from $16.2 billion in the same period last year. Net earnings reached $1.8 billion or $6.52 per share, compared to $1.6 billion or $5.79 per share in Q2 2020. The earnings included a $225 million loss at Aeronautics due to classified program issues. Cash from operations fell to $1.3 billion from $2.2 billion year-over-year, impacted by federal tax payments. The company maintained its full-year guidance for sales and operating profit while raising EPS guidance.

Lockheed Martin (NYSE: LMT) will host a live webcast for its second quarter 2021 earnings results on July 26, 2021, at 11 a.m. EDT. Key executives, including James Taiclet and Ken Possenriede, will discuss the financial results and address investor questions. The results will be published prior to the market's opening on the same day. An on-demand replay will be available until August 9, 2021. Investors can access the live webcast and financial materials through the Lockheed Martin Investor Relations website.