Lockheed quarterly profit falls 5.7% on supply chain snags

[April 19, 2022]    (Reuters) -U.S. weapons maker Lockheed Martin Corp reported a 5.7% fall in quarterly profit on Tuesday, hurt by supply chain snags triggered by the COVID-19 pandemic.

The pandemic has crippled several companies' ability to procure as well as supply parts needed to produce products, creating shortages, reducing inventories and hammering profits.

Pandemic-induced financial stress has impacted Lockheed's dual-use suppliers that cater to both commercial aviation and defense markets.

Shares in Lockheed, which reported 26 F-35 jet deliveries in reported the quarter compared with 17 a year earlier, fell 1.1% to $462.21 in premarket trading.

Net earnings fell to $1.73 billion, or $6.44 per share, in the first quarter ended March 27, from $1.84 billion, or $6.56 per share, a year earlier.

Net sales fell about 8% to $14.96 billion in the quarter.

(Reporting by Mike Stone and Aishwarya Nair in Bengaluru; Editing by Vinay Dwivedi)

 

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