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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
03/28/201412:30:42Five Killed in Indian Air Force's Super Hercules Crash
03/26/201415:35:23Efforts to Cut F-35 Costs Hinge on Foreign Partners
03/24/201416:20:06Lockheed Says Overseas F-35 Sales Goal Intact
03/24/201405:09:15Lockheed Martin Says South Korea Selects F-35A Lightning II Aircraft
03/14/201418:00:33Lockheed CEO's Compensation More Than Doubled -- Update
03/14/201416:23:17Lockheed CEO's Compensation More Than Doubled
03/05/201420:34:37Senior Senate Democrats Prod Pentagon To Start Competing Satellite...
03/04/201418:21:28Pentagon Plans to Fund New Sikorsky Helicopter
03/04/201416:17:54Pentagon Eyes Boost for Aircraft, Missile Defense
03/04/201413:01:05As Pentagon Budget Shrinks, Spending Points to Future Priorities
02/28/201418:36:22India Hopes to Regain Top U.S. Aviation Safety Rating
02/21/201418:34:03Sikorsky to Cut 600 Jobs, Secures Turkey Deal
02/19/201417:59:03Germany's Decision to Cancel Eurofighter Jet Order Narrows Field...
02/05/201414:56:10Navy F-35 Set For Sea Trials After Tailhook Redesign
02/04/201409:24:54Hot Stocks: Hot Stocks to Watch
01/23/201407:10:14Lockheed Martin Sees Higher Profit in 2014
01/15/201422:24:11Raytheon Names Kennedy as Successor to Swanson -- Update
11/29/201308:04:34Kongsberg Gruppen Gets NOK480 Million Deal To Further Develop...
11/22/201316:10:31Lockheed Locks In on South Korean Order
11/22/201302:18:52South Korea Decides to Buy 40 Lockheed F-35 Fighter Jets From...

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