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McAleese and Associates: CFO Kenneth Possenriede on Lockheed’s 2019 Priorities

Jim McAleese

McAleese and Associates has released a report on Lockheed Martin’s (NYSE: LMT) 2019 priorities as discussed by Chief Financial Officer Kenneth Possenriede at a JP Morgan conference on Thursday.

Some of the priorities mentioned include the F-35 fighter aircraft program; missiles and fire control sector; hypersonics; and the restart of the F-16 jet production, Jim McAleese, founder and principal at McAleese & Associates and a 2019 Wash100 winner, wrote in the report.

At the conference, Possenriede mentioned that Lockheed has negotiated a performance incentive fee for on-schedule deliveries of F-35s and expects to deliver 131 fighter jets this year and then raise that number to 145 units by 2020 and 160 by 2023.

McAleese noted that Lockheed is currently carrying out the 2013-2018 multiyear 2 deal for C-130J aircraft and plans to deliver 28 planes this year.

The defense contractor’s missiles and fire control business reported a 16 percent growth in 2018 sales with 14.7 percent in 2018 operating margins and posted approximately $2.5B in total backlog related to hypersonics programs.

Possenriede, who assumed the CFO role in February, offered updates on the performance of Lockheed’s Sikorsky business, rotary and mission systems sector and space sector and briefly mentioned the Defense Federal Acquisition Regulation Supplement progress payments, according to the report.

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