F-35 manufacturer Lockheed Martin (LMT) is preparing to report on the first quarter early Tuesday. The Russian invasion of Ukraine freed up German and NATO defense spending, including on F-35 fighter jets. Lockheed Martin stock fell near a buy point on Monday.
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More aerospace and defense stocks will be reported next week. General Electric (GE) and Raytheon (RTX) Report from April 26th. Boeing (BA) and General dynamics (GD) April 27 and Northrop Grumman (NOK) 28 April.
Lockheed Martin profit
estimates: Lockheed Martin’s earnings are likely to fall 7% to $6.11 a share on a 4% drop in sales to $15.579 billion, according to FactSet.
Results: Check in early on Tuesday.
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LMT warehouse
Lockheed Martin shares lost 0.2% to 467.46 in the stock market today. LMT stock is less than 5% below a flat base buy point of 480.09 with a rising line of relative strength just below the March 7 peak.
Lockheed Martin stock has an RS rating of 94 out of a best possible 99, while the EPS rating is 88.
Meanwhile, Boeing shares fell 1.15% to 179.85, while General Dynamics rose 12 cents to 243.86. GE stock fell 0.5% to 90.40 and Raytheon Technologies was up 3 cents to 104.30.
F-35 Joint Strike Fighter
Investors will be on the lookout for updates on the critical F-35 Joint Strike Fighter program, Lockheed Martin’s largest. It accounted for more than a quarter of LMT’s sales in 2021 but continued to be impacted by Covid-19.
In mid-March, Bloomberg reported that the US government will buy fewer F-35 jet fighters in fiscal 2023. Lockheed Martin stock plummeted on the news before bouncing back.
But after the Russian invasion of Ukraine, Germany said it would buy 35 F-35 fighter jets.
Defense stocks jumped on the war between Russia and Ukraine
Defense stocks rose following Russia’s February 24 invasion of Ukraine, while stocks overall fell.
Surprising defense experts, Moscow faced more resistance than expected in the fight against its neighbor.
The Russian invasion of Ukraine was a wake-up call for Germany and its NATO allies, who are sending European and US-made weapons to Kyiv, including Lockheed Martin’s Javelin anti-tank missiles and Raytheon’s Stinger anti-aircraft missiles. The Biden administration approved $350 million in military aid.
On February 13, Lockheed Martin completed its proposed acquisition of Aerojet Rocketdyne (AJRD) following FTC opposition.
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