Lockheed Flags $1.6 Billion in Charges as New CFO Digs Deep
Lockheed Martin said it incurred costs including $1.6 billion of program losses and $169 million of other charges.
Photographer: Eric Thayer/BloombergLockheed Martin Corp. caught investors off guard with $1.6 billion in charges and a possible tax hit that sent its stock tumbling, the latest setback for the defense giant whose popular F-35 jet faces criticism over cost overruns and delays.
The company’s shares plunged nearly 11% on Tuesday — the biggest drop since October 2021 — after the world’s largest defense contractor reported earnings that missed analyst estimates and lowered its outlook for the year.