NOC - Lockheed Martin Declines War Still Looms Large

• Lockheed Martin shares lost 6% of value since reporting while broader market remained flat.
• Sales declined driven by the pandemic and supply chain challenges.
• Given the current reality of complex companies such as Lockheed Martin, results did not disappoint, but the lack of guidance lift might have.
• The situation in Ukraine will be impactful for Lockheed's business but quantifying this impact is impossible at this stage.
• Lockheed Martin warns of $500 million Q2 2022 headwind from F-35 negotiations.

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