Lockheed Martin's Big Profit Drop and What it Means for the Company
Lockheed Martin's profits fell 80% in Q2 with a $1.6 billion hit. The company slashed its earnings outlook and shares dropped 6.5%. What's causing the turmoil? Tune in to find out.
In this episode of the UK Business Morning, Alice and Lewis discuss the big profit drop at Lockheed Martin. The defense giant's second-quarter profits fell almost 80% due to a $1.6 billion in pre-tax charges, leading to a 6.5% drop in shares. The company has slashed its earnings outlook for the year, with analysts raising concerns about its ability to manage costly programs. We break down the classified aeronautics program that caused a $950 million charge and the impact of rising inflation on defense contracts. Plus, we hear from analysts about the potential long-term implications for the company and its stock.
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