F-35 maker Lockheed Martin (LMT) mixed first-quarter results early Tuesday. Russia’s invasion of Ukraine has unleashed German and NATO defense spending, including new orders for F-35 fighter jets. LMT stock is down, near a buy point.
More space and defense stock Next week’s report. General Electric (GE) And Raytheon (RTX) April 26 report. Boeing (Bachelor of) And general dynamics (JD) April 27 and Northrop Grumman (No objection certificate) April 28.
Lockheed Martin earnings
Estimates: Lockheed Martin’s earnings were seen 7% lower to $6.11 per share with revenue falling 4% to $15.579 billion, according to FactSet.
consequences: Lockheed earned $6.44 per share on revenue of $14.96 billion.
prospects: The defense giant still saw full-year earnings of $26.70 per share and sales of $66 billion. This is roughly in line with the consensus, which was not updated for the Q1 EPS win.
Lockheed Martin’s share price fell 2% to below 459 before the opening stock market today. LMT stock is near a flat base of 480.09 buy point with high line relative force Just below the peak of March 7. The flat base was formed after shares of LMT and other defensive names in late February as the Russian invasion of Ukraine began.
General Dynamics and Raytheon Technologies stock haven’t changed much, and both are close to buying points. Boeing stock rose, while General Electric stock stabilized.
F-35 Joint Strike Fighter
Investors will look for updates about F-35 Joint Strike Fighter Program, the largest of Lockheed Martin. It accounted for more than a quarter of LMT sales for 2021 but continued to be affected by Covid-19.
In mid-March, Bloomberg reported that the US government would buy fewer F-35 jet fighters in fiscal year 2023. Shares of Lockheed Martin plunged in the news before rallying again.
But in the wake of Russia’s invasion of Ukraine, Germany said it would buy 35 F-35 fighter jets while Canada would buy 88.
Defense stocks jumped in the Russo-Ukrainian war
Defense stocks rose after the Russian invasion of Ukraine on February 24, while stocks fell dramatically.
To the surprise of defense experts, Moscow encountered more resistance than expected in the battle against its neighbour.
The Russian invasion of Ukraine has sounded a wake-up call for Germany and its NATO allies, who are sending European and American weapons to Kyiv, including Lockheed Martin’s Javelin anti-tank missiles and Raytheon Stinger anti-aircraft missiles. The Biden administration approved $350 million in military aid.
On February 13, Lockheed Martin completed its proposed acquisition of Aerojet Rockettin (AJRD) after opposition from the Federal Trade Commission.
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