LMT - Lockheed Martin To Delay F-35 Fighter Jet Delivery As Stocks Make Significant Drop In Over Four Months | Benzinga
In a recent announcement, Lockheed Martin Corp. (NYSE:LMT) revealed that software issues might cause a delay in the delivery of an upgraded version of its F-35 fighter jets, leading to a significant drop in the company’s stock.
What Happened: The world’s largest weapons manufacturer, Lockheed Martin, disclosed that the delivery of the TR-3 version of the F-35 fighter jets might be postponed until the third quarter, reported Bloomberg on Monday. This announcement led to a 3.9% drop in the company’s stock, the most significant decline in over four months.
The company had previously indicated that the TR-3 version would commence shipping in the second quarter. However, the Pentagon has clarified that it will not accept the upgraded Joint Strike Fighters until all issues with the aircraft’s most extensive and sophisticated software upgrade are resolved.