Lockheed Shares Sink on Bearish Sales Outlook for Next Year
(Bloomberg) -- Lockheed Martin Corp.’s shares are plunging in morning trading on its bearish outlook for next year. The stock is down 11.7% to $332.30 at 11:43 a.m. in New York.
Lockheed expects sales to fall in 2022, as it provides the first glimpse into how pared F-35 production may affect results.
The company sees net sales declining to about $66 billion next year. That’s a drop from the range of $67.3 billion to $68.7 billion in its updated outlook for 2021. Analysts had predicted revenue of $70.3 billion next year, according to data compiled by Bloomberg.
Bloomberg Intelligence’s Douglas Rothacker says Lockheed’s signal of a more modest low-single-digit revenue-growth outlook over the next few years shouldn’t come as too big of a surprise given the reduced F-35 production plan.
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