Lockheed Martin Profit Drops on Production Delays
The defense giant reported a drop in quarterly profit to 6.44 dollars per share as high costs and supply chain issues slowed F-16 and C-130 aircraft programs.
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LOCKHEED MARTIN CORP reported a decline in first-quarter profits as the defense contractor struggles with production delays and rising costs on fixed-price contracts, despite a surge in global demand for military equipment. The company's shares fell 4.3% in premarket trading following the announcement.
