Lockheed Martin said on Tuesday the spread of coronavirus has delayed shipments of vital supplies to its numerous businesses and will likely hurt its sales this year.
) said on Tuesday the spread of coronavirus has delayed shipments of vital supplies to its numerous businesses and will likely hurt its sales this year.
Still, the defense contractor reported a better-than-expected quarterly profit even as it was forced to trim its sales outlook. Quarterly sales in its aeronautics unit rose 14%to $6.4 billion. The Pentagon’s chief weapons buyer, Ellen Lord, said on Monday a three-month slowdown was now expected on major defense programs as a result of supplier operating challenges during the coronavirus pandemic.
The company said it now expects full-year sales in a range of $62.25 billion to $64.00 billion, down from $62.75 billion to $64.25 billion, forecast previously. Lockheed reaffirmed its 2020 earnings per share forecast of $23.80 - the mid point of the range.
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