LMT - Lockheed Martin Faces $800M Payment Delay Over F-35 Software Approval: Report | Benzinga
Lockheed Martin Corp (NYSE: LMT), the leading U.S. defense contractor, could see over $800 million in payments held back until June as it awaits approval for software crucial to its advanced F-35 fighter jet, per newly disclosed figures.
What's Happening: The weapon maker will likely complete production of approximately 52 TR-3 model fighter jets by December 31, with plans to produce about 12 more per month until June 30, totaling as many as 124 jets, Bloomberg reported, citing data released by Russ Goemaere, the Pentagon's spokesman on the F-35.
Payment Hold: The Pentagon has decided to withhold $7 million per aircraft until the new software receives validation, as these aircraft are being ...