Lockheed Martin First Half Sales Decline

Lockheed Martin reported a drop in the first-half sales, Telegraph reported.

F35 Joint Strike Fighter failed to make its international debut at Farnborough Air Show.

Lockheed Martin said its revenues till June 29 slipped by $522 million to $22 billion although the net profit rose by 12 per cent to $1.82 billion.

Sales in Lockheed’s aeronautics division – the company’s largest unit and which the huge F35 Lightning II programme comes under – rose by 10pc to $7.2bn as production and sales of the new stealthy jet ramped up, with the aircraft accounting for almost a fifth of the company’s total sales in the second quarter.

The British government has committed to buying 48 F35B fighters, whose short take-off and vertical landing (STOVL) capabilities mean they will be able to operate from the Royal Navy’s new Queen Elizabeth-class aircraft carriers.

Following an engine fire last month all F35s, which are currently still undergoing testing in the US before entering into full active service, were grounded while investigations into the cause of the blaze were carried out.