Lockheed Martin Stock Price, News & Analysis

Lockheed Martin (NYSE: LMT) announced the retirement of Space Executive Vice President Richard F. Ambrose, effective March 1, 2022, after over 20 years with the company. Ambrose has held various significant roles, including leading the company's $11 billion Space portfolio, which supports national security and commercial customers. Following the announcement of his successor, he will assist as a strategic advisor to ensure a smooth transition. Lockheed Martin expressed gratitude for Ambrose's contributions and leadership during his tenure.

Lockheed Martin (NYSE: LMT) has inaugurated a new hypersonic strike production facility in Courtland, Alabama, enhancing its advanced manufacturing capabilities. The 65,000-square-foot facility will support the U.S. Department of Defense's hypersonic programs, including Conventional Prompt Strike and Long Range Hypersonic Weapon. This facility integrates cutting-edge digital technologies to increase efficiency and output. Additionally, the expansion is expected to create approximately 70 new jobs, contributing to the region's workforce development.

The F-35 Joint Program Office and Lockheed Martin have finalized a production rebaseline, enhancing stability in the F-35 aircraft manufacturing process. Lockheed Martin plans to deliver 133-139 aircraft in 2021, increasing to 151-153 in 2022, and 156 annually from 2023. Over 700 F-35s are operational globally, supported by extensive pilot and maintainer training. The company, headquartered in Bethesda, Maryland, is involved in advanced technology systems and services, employing around 114,000 personnel.

Lockheed Martin Corporation (NYSE: LMT) announced an increase in its quarterly dividend by $0.20 to $2.80 per share, set for payment on December 27, 2021. The board also authorized an additional $5 billion in share repurchases, bringing the total authorization to approximately $6 billion. This move reflects the company's robust capital allocation strategy aimed at enhancing shareholder value.

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.