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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 doug.cameron@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Lockheed Martin (LMT)
DateTimeHeadline
07/02/201513:53:34Statement of Changes in Beneficial Ownership (4)
06/30/201508:02:00Lockheed Martin's Legion Pod™ Takes to the Skies
06/29/201514:59:00Fourth Lockheed Martin-Built MUOS Secure Communications Satellite...
06/29/201509:30:00Temple University's Institute For Business And Information Technology...
06/26/201516:44:35Current Report Filing (8-k)
06/25/201515:05:00Lockheed Martin Elects Bruce Carlson to Board of Directors
06/25/201513:35:00Lockheed Martin Declares Third Quarter 2015 Dividend
06/25/201508:35:00Four Lockheed Martin Facilities Receive Cogswell Security Awards
06/22/201516:16:01Annual Report of Employee Stock Plans (11-k)
06/22/201516:14:39Annual Report of Employee Stock Plans (11-k)
06/22/201516:14:11Annual Report of Employee Stock Plans (11-k)
06/22/201516:14:10Annual Report of Employee Stock Plans (11-k)
06/22/201516:13:43Annual Report of Employee Stock Plans (11-k)
06/17/201509:04:00Lockheed Martin to Deliver Sniper® Advanced Targeting Pods to...
06/17/201508:00:00Lockheed Martin Commercial Flight Training to Deliver B737-NG...
06/16/201514:06:28Bombardier to Join With Lockheed in Bid to Sell Surveillance...
06/16/201511:00:00Lockheed Martin, Raytheon and Bombardier Join Forces For JSTARS...
06/16/201509:04:00Javelin Missile Demonstrates Extended Range and Versatility During...
06/16/201508:53:00Lockheed Martin Launches Worldwide Hybrid Airship Sales with...
06/16/201505:00:15Airbus Eyes Sikorsky

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