{"id":41372,"date":"2022-07-19T18:27:11","date_gmt":"2022-07-19T18:27:11","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2022\/07\/19\/the-clutch-isnt-engaged-yet-lockheed-martin-reports-lower-sales-but-says-it-expects-growing-demand\/"},"modified":"2026-08-07T23:21:19","modified_gmt":"2026-08-07T23:21:19","slug":"the-clutch-isnt-engaged-yet-lockheed-martin-reports-lower-sales-but-says-it-expects-growing-demand","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/industry\/2022\/07\/19\/the-clutch-isnt-engaged-yet-lockheed-martin-reports-lower-sales-but-says-it-expects-growing-demand\/","title":{"rendered":"\u2018The clutch isn\u2019t engaged yet\u2019: Lockheed posts slow sales amid supply chain woes"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">WASHINGTON \u2015 Lockheed Martin\u2019s chief executive said Tuesday the U.S. and its allies are \u201cchanging gears\u201d toward increased defense spending that will boost the company\u2019s future sales \u2015 but it will take time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.defensenews.com\/industry\/2022\/05\/09\/lockheed-aiming-to-double-javelin-production-seeks-supply-chain-crank-up\/\" target=\"_blank\">Jim Taiclet<\/a> said Russia\u2019s invasion of Ukraine in February and China\u2019s more aggressive actions and rhetoric have upended a \u201crelatively benign global security environment\u201d in a matter of months. Still, it\u2019s unclear exactly what that will mean for Lockheed, he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe clutch isn\u2019t engaged yet,\u201d Taiclet said. \u201cAnd the clutch engaged means there are contracts in place, there\u2019s a demand signal out there that\u2019s clear, there\u2019s funding appropriated by the U.S. Congress \u2015 in the case of the United States \u2015 and we\u2019re producing &#8230; with a supply chain that\u2019s robust enough to support it.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cTo get the clutch to engage, it\u2019s going to take two to three years, and that\u2019s for our allies as well, because they not only have to go through their own processes internally, they then have to go through generally the [U.S.] foreign military sales process,\u201d he added.<\/p>\n\n\n\t<aside class=\"smg-interstitial-link wp-block-smg-interstitial-link\">\n\t\t<a href=\"https:\/\/one.sightlinemg.com\/defensenews\/congress\/2022\/05\/09\/lockheed-aiming-to-double-javelin-production-seeks-supply-chain-crank-up\/\" class=\"smg-interstitial-link__inner\">\n\t\t\t\t\t\t\t<div class=\"smg-interstitial-link__media\">\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"177\" src=\"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/GettyImages-1022391230.jpg.jpg?w=300\" class=\"smg-interstitial-link__image wp-post-image\" alt=\"\" \/>\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"smg-interstitial-link__content\">\n\t\t\t\t<span class=\"smg-interstitial-link__kicker\">Related<\/span>\n\t\t\t\t<h3 class=\"smg-interstitial-link__title\">Lockheed, aiming to double Javelin production, seeks supply chain \u2018crank up\u2019<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"smg-interstitial-link__excerpt\">Lockheed Martin aims to nearly double production for Javelin anti-tank missiles from 2,100 to 4,000 per year, but it needs the supply chain to \u201ccrank up,\u201d said its chief executive, Jim Taiclet.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/aside>\n\t\n\n\n<p class=\"wp-block-paragraph\">The assessment came during a downbeat quarterly earnings call; the contractor disclosed its ongoing supply chain challenges and reported significantly lower sales and profit. Lockheed said quarterly sales totaled $15.4 billion, down 9% from the same three-month period the prior year. Profit sunk to $309 million, down from $1.8 billion a year earlier.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lockheed lowered its full-year earnings per share outlook $21.55, down 19%, which the company said reflects a $1.5 billion pension settlement charge and other one-time occurrences. The company cut its 2022 sales outlook from $66 billion to $65.3 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Though news broke Tuesday morning that Lockheed reached a<a href=\"https:\/\/www.defensenews.com\/air\/2022\/07\/19\/lockheed-touts-handshake-deal-with-pentagon-for-next-three-lots-of-f-35s\/\" target=\"_blank\"> handshake deal <\/a>with the Pentagon for three lots of F-35 Joint Strike Fighters, the contract wasn\u2019t finalized or reflected in the earnings report.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sales in the quarter were \u201clower than expected due to the delay in the contract agreement on the F-35 and supply chain impacts,\u201d Taiclet said. \u201cWe anticipate supply chain challenges to continue<b> <\/b>for the remainder of the year, and we\u2019ve reduced our 2022 outlook to reflect that.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A number of countries in Europe <a href=\"https:\/\/www.defensenews.com\/pentagon\/2022\/06\/30\/european-arms-demand-grows-as-russia-fallout-deepens\/\" target=\"_blank\">have committed to increased defense spending<\/a>, and Congress appears on track to increase the FY23 budget above the Biden administration\u2019s request. Lockheed has further advocated for streamlining the U.S. foreign military sales approval process, which involves the State Department, Pentagon and Congress, to speed up its anticipated deals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe demand and the situation that our customer base is facing has dramatically changed over the last three, four months,\u201d Taiclet said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">International customers have expressed interest in Lockheed fighter jets, and the administration in February announced a $4.2 billion deal with Jordan for the F-16. A recent $1.6 billion deal with Saudi Arabia to produce THAAD interceptors helped buoy Lockheed\u2019s missiles and fire control segment in its most recent quarter.<\/p>\n\n\n\t<aside class=\"smg-interstitial-link wp-block-smg-interstitial-link\">\n\t\t<a href=\"https:\/\/one.sightlinemg.com\/defensenews\/industry\/2022\/05\/27\/us-army-signs-deal-to-backfill-stingers-sent-to-ukraine\/\" class=\"smg-interstitial-link__inner\">\n\t\t\t\t\t\t\t<div class=\"smg-interstitial-link__media\">\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"200\" src=\"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/173-stinger-b-20220418.jpg.jpg?w=300\" class=\"smg-interstitial-link__image wp-post-image\" alt=\"\" \/>\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"smg-interstitial-link__content\">\n\t\t\t\t<span class=\"smg-interstitial-link__kicker\">Related<\/span>\n\t\t\t\t<h3 class=\"smg-interstitial-link__title\">US Army signs deal to backfill Stingers sent to Ukraine<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"smg-interstitial-link__excerpt\">Raytheon has netted a contract to build Stinger anti-aircraft missiles to replace those the U.S. military sent to Ukraine.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/aside>\n\t\n\n\n<p class=\"wp-block-paragraph\">As the U.S. military has sent Ukraine its Javelin anti-tank weapons, which Lockheed coproduces with Raytheon Technologies, and the Lockheed-made M142 <a href=\"https:\/\/www.militarytimes.com\/land\/2022\/07\/08\/us-to-send-more-himars-precision-rockets-to-ukraine\/\" target=\"_blank\">High Mobility Artillery Rocket Systems<\/a>, the company said it expects increased sales of those systems. Taiclet said Lockheed is also increasing production of its Patriot Advanced Capability-3 surface-to-air missile.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe question is, how much higher can we take it over the next number of years?\u201d he said. \u201cThe reality is today, none of it is under contract. And so we\u2019re trying to get a better understanding with<b> <\/b>the timing that these will come into contract, and then get a better understanding of our supply chain capability to determine when we can actually deliver.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The U.S. and other NATO countries have been supplying Ukraine with a range of weapons, and U.S. President Joe Biden has exercised his authority to draw donations from U.S. military stockpiles 14 times. But those transfers have also raised concerns about the defense industry\u2019s access to critical components and other potential supply chain kinks, especially as the Pentagon looks to replenish its supplies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Taiclet said it\u2019s \u201ctoo soon to tell\u201d how the U.S. would backfill equipment it has sent to Ukraine, and the company is awaiting decisions by the armed services, the Pentagon and the Biden administration.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThere\u2019s some initiatives ongoing from some of the services in the Department of Defense to put more energy behind replenishment, but that\u2019s early in their process, so we don\u2019t have full visibility,\u201d he said. \u201cWe\u2019re supporting it of course and making sure they understand what the capacity \u2015 capabilities are over the next two three years to get up to higher volumes.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lockheed Martin\u2019s chief executive said Tuesday the U.S. and its allies are \u201cchanging gears\u201d toward increased defense spending that will boost the company\u2019s future sales \u2015 but it will take time.<\/p>\n","protected":false},"author":7,"featured_media":83163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":{"2":{"categories":["pentagon-congress","news"],"primary_category":"pentagon-congress"},"4":{"categories":["pentagon-congress","news","daily-news-roundup","newsletters"],"primary_category":"pentagon-congress"},"5":{"categories":["pentagon-congress","news","daily-news-roundup","newsletters"],"primary_category":"pentagon-congress"},"6":{"categories":["pentagon-congress","news","daily-news-roundup","newsletters"],"primary_category":"pentagon-congress"},"7":{"categories":["pentagon-congress","news","daily-news-roundup","newsletters"],"primary_category":"pentagon-congress"}}},"categories":[160,12,36,19],"tags":[],"coauthors":[3446],"class_list":["post-41372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news-roundup","category-industry","category-newsletters","category-pentagon"],"acf":{"subheadline":"","legacy_arc_id":"ABUF4L2CDVGJZPA5TFO2AGIAAY","arc_canonical_url":"\/pentagon\/2022\/07\/19\/the-clutch-isnt-engaged-yet-lockheed-martin-reports-lower-sales-but-says-it-expects-growing-demand\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented 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