The company said it will deliver fewer of the fighter planes this year than management had told investors to expect on a call to discuss its results.
Shares of Lockheed Martin took it on the chin after management said the aerospace company isn’t going to deliver as many F-35 fighter jets in 2023 as it had expected. That means less free cash flow, but there is a silver lining for investors.
All of the jets will be in the so-called Technology Refresh 2, or TR-2, configuration. Technology Refresh 3, or TR-3, is an updated version that is now being tested. Deliveries of those planes will start later than anticipated. Given that Lockheed now expects to deliver 97 jets in 2023, Liwag’s call was quite a prediction. The first jets with TR-3 upgrades are now slated to be delivered between April and June 2024.
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