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Lockheed Martin posted better-than-expected first-quarter results, with sales rising 13.7% to $17.2 billion and earnings per share of $6.33, but it did not deliver F-35 fighter jets because its current software problems have not yet been solved.
Investors reacted coolly to the earnings report, and Lockheed’s share price fell 0.27% to $460.08 on April 23.
However, Lockheed’s management sounded upbeat during the earnings call. “We are encouraged by the solid progress made over the past several months toward resuming supplies, including improvements to the aircraft’s mission system capabilities and system stability as we progress from previous software releases to a combat training configuration,” said the chief executive director James Tyklet.
“The test results to date support our expected delivery schedule of the first TR-3 aircraft capable of combat training in the third quarter and then transitioning to a fully combat-capable aircraft in 2025.” The TR-3 (Technology Refresh 3) is considered a major upgrade to the aircraft’s computer processing electronics.
Tyklet emphasized that there continues to be strong demand for the F-35 internationally, including from Singapore, Greece and the Czech Republic, which became the 18th country to “join the global F-35 team” when it announced its intention in January to purchase 24 of the planes.
At the same time, Lockheed is increasing its collaboration with strategic commercial partners in the technology sector, given the opportunities presented by the US push to revive domestic semiconductor production. On April 8, the company announced that it will collaborate with Intel Corp. and Intel-owned Altera to support the Microelectronics Advanced Packaging (STAMP) Transition Incentive Program for the Office of the Under Secretary of Defense for Research and Engineering (OUSD R&E). The three companies plan to develop an airborne electronic defense system for anticipated use in the US Navy’s MH-60R multirole helicopter. The protection system is designed to provide higher bandwidth and performance at low latency and lower power.
“This cooperation related to the SAC chip [Sikorsky Aircraft Corp.]will provide a revolutionary leap in defense systems’ capabilities using high-performance, US-made semiconductors,” Tyklet said.
In the long term, Lockheed, Intel and Altera expect their collaboration on the STAMP program to enable a defense system that is highly effective in terms of speed, accuracy and cost in detecting and identifying threats. The goal is also to free up space for equipment to support other land, air and sea missions.
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