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Defense giant Lockheed Martin trimmed its delivery outlook for F-35 stealth fighters as it works through delays related to a technology upgrade.
Lockheed Martin said in a regulatory filing that it now expects to deliver 97 jets in 2023, down from the previous forecast of between 100 and 120 jets. The company expected to deliver the first F-35 with the Technology Refresh 3 (TR-3) upgrade in 2023, but it now expects the first upgraded jets will be delivered between April and June 2024.
“As a result, we now expect to deliver 97 aircraft in 2023 (all in the TR-2 configuration), which we do not currently anticipate will impact our 2023 financial outlook,” the company said in the filing.
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Two F-35A Lightning II aircraft fly over the Alaska Range on April 21, 2020, en route to their new home at the 354th Fighter Wing, Eielson Air Force Bas in Alaska. ((U.S. Air National Guard photo by Tech. Sgt. Adam Keele / 168th Wing / DVIDS) / Fox News)
Lockheed’s stock dipped on the news Wednesday and was down about 4.5% during mid-afternoon trading.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LMT | LOCKHEED MARTIN CORP. | 445.19 | -2.99 | -0.67% |
The F-35 is Lockheed Martin’s largest program, having generated 27% of its total consolidated net sales and 66% of aeronautics’ net sales in 2022.
Demand has risen over the last two years amid an influx of orders as U.S. allies ramp up defense spending and look to acquire the F-35 for their militaries amid Russia’s invasion of Ukraine and China’s military build-up.
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U.S. Air Force F-35 Lightning IIs from the 356th Fighter Squadron at Eielson Air Force Base fly side by side with Republic of Korea Air Force F-35s from the 151st and 152nd Combat Flight Squadrons as part of a bilateral exercise over the Yellow Sea o ((U.S. Air Force photo by Senior Airman Trevor Gordnier / 51st Fighter Wing /DVIDS) / Fox News)
Lockheed Martin is currently producing F-35 jets, known as the Lightning II, at a rate of about 156 per year – a pace it expects to continue as it finalizes TR-3 software development and testing.
The company said in the filing that the number of deliveries it will make in 2024 “will depend on when the first TR-3 aircraft is delivered and the time needed to complete the customer’s acceptance process.”
U.S. Air Force Maj. Kristin Wolfe performs a demonstration in the F-35A Lightning II at the Reno Air Races in Reno, Nevada, on Sept. 19, 2021. ((U.S. Air Force photo by Tech. Sgt. Nicolas Myers / Air Force Thunderbirds /DVIDS) / Fox News)
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The U.S. military is the largest operator of the F-35, with variants in use by the Air Force, Marine Corps and Navy.
Other countries that currently operate or have ordered F-35 jets include Australia, Belgium, Canada, Denmark, Finland, Germany, Japan, Israel, Italy, the Netherlands, Norway, Poland, Singapore, South Korea, Switzerland and the United Kingdom.
Reuters contributed to this report.
