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The
ongoing war in Ukraine has prompted restocking arms and
ammunition such as shoulder-fired missiles, artillery and other
weaponry, providing U.S. defense companies with lucrative
Pentagon contracts.
Lockheed's weapons, such as the guided multiple launch rocket
system and Javelin anti-tank missiles, made in conjunction with
defense company RTX, have proven critical to Ukraine's war
efforts.
However, Lockheed is still hindered by pandemic-related labor
and supply chain disruptions in its aeronautics business which
makes the advanced fighter jet F-35.
"We are still paced by a few key items," Lockheed's Chief
Operating Officer Frank St John told Reuters in an interview,
such as "processor assemblies, solid rocket motors, castings and
forgings", though they have seen progress in this last quarter.
As a result, sales at its aeronautics unit, the largest by size,
saw a 5.2% decline in the third quarter.
The company last month cut its full-year F-35 jet delivery
target on supplier delays but reaffirmed its 2023 financial
goals on Tuesday.
Revenue at the Missiles and Fire Control unit, which makes the
High Mobility Artillery Rocket System, was $2.94 billion, up
3.8% from a year earlier.
Bethesda, Maryland-based Lockheed posted a net income of $6.73
per share for the quarter ended Sept. 24, compared with $6.71
per share a year earlier.
Quarterly net sales rose around 1.78% to $16.88 billion.
(Reporting by Pratyush Thakur in Bengaluru, Mike Stone in
Washington; Editing by Krishna Chandra Eluri)
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