Lockheed quarterly profit falls 5.7% on supply chain snags
2022.04.19 14:41
FILE PHOTO: FILE PHOTO: A RAF Lockheed Martin F-35B fighter jet taxis along a runway after landing at the Royal International Air Tattoo at Fairford, Britain July 8, 2016. REUTERS/Peter Nicholls/File Photo/File Photo
(Reuters) -U.S. weapons maker Lockheed Martin Corp (NYSE:LMT) reported a 5.7% fall in quarterly profit on Tuesday, hurt by supply chain snags triggered by the COVID-19 pandemic.
The pandemic has crippled several companies’ ability to procure as well as supply parts needed to produce products, creating shortages, reducing inventories and hammering profits.
Pandemic-induced financial stress has impacted Lockheed’s dual-use suppliers that cater to both commercial aviation and defense markets.
Shares in Lockheed, which reported 26 F-35 jet deliveries in reported the quarter compared with 17 a year earlier, fell 1.1% to $462.21 in premarket trading.
Net earnings fell to $1.73 billion, or $6.44 per share, in the first quarter ended March 27, from $1.84 billion, or $6.56 per share, a year earlier.
Net sales fell about 8% to $14.96 billion in the quarter.
