Lockheed Martin (NYSE: LMT) revised its revenue forecast for the company’s 2022 fiscal year, cutting its full-year sales outlook to $65.25 billion from the previous guidance of $66 billion.
The defense and aerospace company said Tuesday second quarter sales were $15.45 billion, compared with the $17.03 billion recorded in the same period a year ago, due to lower volume on the F-35 production contracts amid delays in the supply chain.
Net earnings for the quarter came in at $309 million, or $1.16 per share, which included an after-tax non-operational charge of $1.4 billion. Cash from operations amounted to $1.33 billion.
Capital expenditures went down year-over-year to $304 million from $318 million in the prior-year period.
Lockheed’s aeronautics segment recorded second-quarter sales of $5.86 billion, down from $6.66 billion over the same period in 2021.
Space segment sales were $2.83 billion, while the missiles and fire control logged $2.75 billion in revenue. The rotary and missions systems business posted sales of $4.01 billion.
“Although revenue in the period was affected by supply chain impacts and the timing of customer contract negotiations, our cost management initiatives resulted in margin expansion,” said Jim Taictlet, chairman, president and CEO of Lockheed.
Taiclet, a two-time Wash100 Award recipient, told investors in Tuesday’s earnings call the company and the U.S. government reached a “bilateral record of negotiation” regarding lots 15 through 17 of F-35 production work.
“The agreement supports our long-term objective to produce 156 aircraft a year,” he said.
The company declared a quarterly dividend of $2.80 per share, which is payable on Sept. 23 to shareholders on record as of Sept. 1.
Lockheed’s stock opened at $378.82 on Tuesday after closing previously at $387.28.