ADVFN - Advanced Financial Network.
HOME» NYSE » L » LMT Stock Price » LMT Stock News

Lockheed Martin Share News

 Lockheed Martin Corp. Stock Price
LMT Stock Price
 Lockheed Martin Corp. Stock Chart
LMT Stock Chart
 Lockheed Martin Corp. Stock News
LMT Stock News
 Lockheed Martin Corp. Company Information
LMT Company Information
 Lockheed Martin Corp. Stock Trades
LMT Stock Trades

Lockheed CEO Warns Pentagon Cuts Could Hit 10,000 Jobs

By Doug Cameron The head of Lockheed Martin Corp. (LMT) on Wednesday estimated that potential U.S. budget cuts could force the country's largest defense contractor to shed some 10,000 jobs, or 8.3% of its workforce. Robert Stevens, Lockheed's outgoing chief executive, said this was "a very rough 'seat of the pants' estimate" based upon the impact of direct Pentagon cuts and their spillover into nondefense work. It was the first time that Lockheed has detailed the potential impact of U.S. cuts that could come into force just before November's general election. U.S. contractors have struggled to define the future size and shape of their businesses due to uncertainty over whether failure to reach a broader agreement on the federal budget will automatically trigger an additional $500 billion reduction in Pentagon spending under the so-called sequestration process. Mr. Stevens's estimate was given in written testimony as he appeared before the House Armed Services Committee with other defense contractors to outline the impact of the looming automatic budget cuts known as sequestration. His forecast was based on a 10% across-the-board cut in Pentagon budgets and an 8% drop in nondefense spending, with Lockheed deriving 60% of its annual revenue from the Pentagon. "We don't know with much precision yet which lines of business, which sites, which contracts, which programs, or which technologies would be affected," said Mr. Stevens in his testimony. Write to Doug Cameron at [email protected] Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Lockheed Martin (LMT)
DateTimeHeadline
01/23/201714:28:00Lockheed Investor Focus Is on Managing Relations With White House...
01/20/201720:33:00Now We're Talking: SBIRS Missile Warning Satellite Responding...
01/19/201722:16:00U.S. Air Force Missile-Tracking Satellite Launch Scrubbed From...
01/19/201710:41:00Work Begins in Palo Alto on NASA's Dark Energy Hunter
01/17/201711:30:00U.S. Air Force, Lockheed Martin Prepare for Jan. 19 Launch of...
01/17/201709:05:00Lockheed Martin Announces Fourth Quarter And Full Year 2016 Earnings...
01/13/201715:35:00Lockheed Martin 'Close' To New F-35 Deal
01/13/201712:58:00Lockheed Martin CEO Meeting Donald Trump in New York
01/12/201710:53:00Lockheed Martin Facing Twin Pressures on F-35 Price
01/11/201714:27:00Sikorsky Awarded DARPA ALIAS Phase 3 Contract to Increase Aircraft...
01/11/201713:22:00Sikorsky - PZL Mielec Plans Caribbean and Latin American Tour...
01/10/201720:26:00In Donald Trump's Washington, Business Lobbyists Champ at the...
01/10/201713:30:00Last Look Before Lift-Off: SBIRS GEO Flight 3 Encapsulated for...
01/10/201712:49:00Sikorsky Orders Safety Checks on Choppers
01/10/201706:00:00Trump Win Puts Range of Business Interests Back in Play
01/07/201712:45:00Lockheed Martin Names High-School Defensive Back of the Year
01/05/201712:16:00Lockheed Martin to Build NASA's Lucy Spacecraft, a Mission to...
01/05/201705:59:00Defense Firms Cash In Amid Soaring Demand for Munitions
01/04/201716:12:02Statement of Changes in Beneficial Ownership (4)
01/04/201707:00:00Executives of CLEAResult, First Solar, Lockheed Martin Energy...

Lockheed Martin and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US