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
02/23/201716:30:00Lockheed Martin Announces Multi-Year Plan to Relocate Fleet Ballistic...
02/23/201714:17:00Sikorsky - PZL Mielec Prepares Multirole M28® Airplane for Transatlantic...
02/23/201711:07:00FORTIS Demonstrates Productivity and Safety Improvements at U.S...
02/23/201710:07:00First Tidal Energy Turbine with Lockheed Martin Technology Deployed...
02/21/201717:24:00New Lockheed Martin Lab in Silicon Valley "SPARC"s Interest in...
02/21/201710:03:00Lockheed Martin Awarded $150 Million to Continue Production of...
02/20/201712:56:00Second Lockheed Martin T-50A Takes Flight in Greenville, South...
02/20/201711:05:00Lockheed Martin Challenges Entrepreneurs to Pitch 1,000 Feet...
02/20/201711:03:00Exechon, LLC Introduces New Robotic Manufacturing System XMini...
02/20/201710:13:00Lockheed Martin's Modernized TACMS Missiles Successful in Two...
02/16/201717:21:50Statement of Changes in Beneficial Ownership (4)
02/16/201711:26:00Lockheed Martin Awarded U.S. Navy Contract for Full-Rate Production...
02/14/201711:03:42Statement of Ownership (sc 13g)
02/13/201717:08:16Amended Statement of Ownership (sc 13g/a)
02/13/201710:07:00Geoscience Australia and Lockheed Martin Begin Collaborative...
02/13/201709:05:00Celebrating Diversity and Achievements in STEM, Lockheed Martin...
02/13/201708:00:00Lockheed Martin Delivers 200th F-35 Center Wing Assembly From...
02/10/201711:38:35Amended Statement of Ownership (sc 13g/a)
02/09/201716:36:00Annual Report (10-k)
02/09/201711:37:00Lockheed Martin Rolls Out First LM-100J Super Hercules Commercial...

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