U.S. weapons maker Lockheed Martin Corp on Tuesday forecast annual profit below Street expectations, hurt by lingering supply bottlenecks and higher costs, though a generous defense budget helped it beat fourth-quarter estimates.
The logo of Lockheed Martin is pictured at the Eurosatory international defence and security exhibition in Villepinte, near Paris, France June 13, 2022. REUTERS/Benoit Tessieron Tuesday forecast annual profit below Street expectations, hurt by lingering supply bottlenecks and higher costs, though a generous defense budget helped it beat fourth-quarter estimates.
The defense contractor said it expected a profit of $26.60 to $26.90 per share in 2023. The average analysts' estimate has been $26.96, according to Refinitiv."We signaled way ahead of time that 2023 was going to be kind of a steady state year from a revenue perspective," Lockheed Chief Executive Jim Taiclet said in an interview, adding that he aimed to grow free cash flow per share by 5% in 2023.
Supply chain snags brought on by the pandemic have squeezed margins at defense suppliers, although those constraints are now easing even as the companies continue to grapple with labor shortages.as the United States and its allies bulked up budgets following Russia's invasion of Ukraine last year. The election of Kevin McCarthy as the U.S. House speaker and his promise to curb spending has also raised concerns about the near-term outlook for defense companies such as Lockheed, Raytheon Technologies Corp
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