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

Stock News for Lockheed Martin (LMT)
DateTimeHeadline
05/03/201612:11:00FTC and Lockheed Martin Win 2016 ACT-IAC Dynamite Award for the...
05/02/201611:30:00Sikorsky Conducts Combat Rescue Helicopter (CRH) Air Vehicle...
04/29/201617:05:00Lockheed Martin and Daewoo Shipbuilding & Marine Engineering...
04/29/201616:09:34Statement of Changes in Beneficial Ownership (4)
04/29/201616:09:08Statement of Changes in Beneficial Ownership (4)
04/28/201617:18:00Current Report Filing (8-k)
04/28/201616:30:00SpaceX Wins U.S. Military Contract to Send Satellite Into Orbit
04/28/201610:02:00In Space, in the Sky and on Land: Lockheed Martin Innovates to...
04/28/201608:20:00Raytheon Sales Rise But Profit Falls
04/27/201618:08:00Lockheed Martin Declares Second Quarter 2016 Dividend
04/27/201615:26:35Quarterly Report (10-q)
04/27/201608:40:00United Technologies Beats Estimates and Reaffirms Expectations
04/27/201608:40:00Boeing Profit Falls as Commercial Deliveries Lag
04/27/201608:40:00Northrop Grumman Tops Expectations, Lifts Year Guidance
04/27/201608:31:00Northrop Grumman Tops Expectations, Lifts Year Guidance
04/26/201614:24:00Lockheed Martin Lifts Full-Year Guidance -- Update
04/26/201614:20:00Lockheed Says Qatar Budget Woes Could Delay Defense Deal
04/26/201614:05:00Lockheed Says Qatar Budget Woes Could Delay Defense Deal
04/26/201609:30:00Lockheed Martin Lifts Full-Year Guidance
04/26/201608:41:00Lockheed Martin Lifts Full-Year Guidance

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 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad