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Lockheed Martin mitigates coronavirus impact, keeps 2020 guidance
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Lockheed Martin chief test pilot Alan Norman discusses the Pentagon’s purchase of 478 F-35 fighter jets and the ability of the airframe to adapt to new demands, remaining relevant “for decades to come.”
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Lockheed Martin Corp. on Tuesday kept its 2020 guidance largely unchanged as it mitigated the impact of the coronavirus pandemic on production and its supply chain.
The defense sector has continued to operate through coronavirus-driven shelter-in-place restrictions, deemed an essential sector, with the Pentagon disclosing that only around 1% of the broader supply base is shuttered.
Big contractors like Lockheed Martin have provided additional payments to support smaller companies, and with the Pentagon accelerating some of its own funding and contract awards, companies have also pivoted some production capacity to produce medical supplies.
LOCKHEED MARTIN CORPORATION
The lack of business interruption helped Lockheed Martin, the world's largest defense company by sales, maintain existing profit guidance for 2020, with only a small trim to its revenue outlook.
IN CORONAVIRUS PANDEMIC, LOCKHEED MARTIN HIRES NEARLY 1,000 WORKERS
Lockheed Martin's footprint across air, space, sea and land systems makes it a proxy for Pentagon spending, with U.S. government outlays rising 6% in the first quarter from a year earlier, including a 31% jump in March.