Lockheed Martin (LMT.N) reported higher third-quarter revenue on Tuesday, as geopolitical tensions fueled sustained demand for its military equipment.
People converse in Lockheed Martin's booth during the Association of the United States Army Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. REUTERS/Cheney Orr/File PhotoThe ongoing war in Ukraine has prompted restocking arms and ammunition such as shoulder-fired missiles, artillery and other weaponry, providing U.S. defense companies with lucrative Pentagon contracts.
Lockheed's weapons, such as the guided multiple launch rocket system and Javelin anti-tank missiles, made in conjunction with defense company RTXHowever, Lockheed is still hindered by pandemic-related labor and supply chain disruptions in its aeronautics business which makes the advanced fighter jet F-35.
"We are still paced by a few key items," Lockheed's Chief Operating Officer Frank St John told Reuters in an interview, such as "processor assemblies, solid rocket motors, castings and forgings", though they have seen progress in this last quarter. As a result, sales at its aeronautics unit, the largest by size, saw a 5.2% decline in the third quarter.Revenue at the Missiles and Fire Control unit, which makes the High Mobility Artillery Rocket System, was $2.94 billion, up 3.8% from a year earlier.
Bethesda, Maryland-based Lockheed posted a net income of $6.73 per share for the quarter ended Sept. 24, compared with $6.71 per share a year earlier.The chief executive of Saudi Arabia's oil group Aramco , Amin Nasser, said his company is looking at more investments in liquefied natural gas to boost its plans to become a leading player in the seaborne gas market.
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