Lockheed Martin has reported a net sales increase of more than US$800m in Q2 this year compared with the same reporting period in 2020, due in part to strong figures from the Space business segment, while overall operating profit dipped by US$43m. Revealing the corporate performance over Q1 and H1 of the year on July 26, Lockheed Martin said that in the first six months of 2021 net sales were up US$1.41bn to US$33.28bn compared with the same period in 2020.
However, Q2 net earnings included a loss of US$225m recorded by the Aeronautics business segment, which is related to performance issues experienced on an unspecified classified programme. Cash from operations in Q2 of 2021 was US$1.3bn, compared to US$2.2bn in Q2 of 2020.
Regarding the classified programme, James Taiclet, president and CEO of Lockheed Martin, speaking during a webcast detailing the company’s Q2 results, said that its unnamed customer was “highly attracted to the capability being developed on their behalf” and the “significant” long-term potential it presented.
Breaking down the business segment figures, Aeronautics' net sales during Q2 of 2021 increased US$163m, or 3%, compared to the same period in 2020, primarily as a result of a gain of about US$100m for the F-16 programme due to increased production volume, partially offset by a decreased sustainment volume. The F-35 programme also benefited from US$90m attributable to increased production and sustainment volume, slightly offset by decreased development activities. Aeronautics’ increases were partially offset by lower net sales of around US$60m for the F-22 programme due to decreased sustainment volume.
