Lockheed Martin posts strong Q1 but trims 2020 sales outlook amid Covid-19

21 April 2020 (Last Updated April 21st, 2020 16:39)

Lockheed Martin has posted positive results in Q1 of 2020 despite the ongoing Covid-19 coronavirus pandemic that is threatening business across the world.

The company reported an net earnings of $1.7bn nearly unchanged when compared to Q1 of 2019, and delivered slightly fewer aircraft than in 2019. Lockheed also posted a slight increase in earnings on the same period with Q1 2020 net sales reaching $15.7bn.

Globaldata ADS analyst Anthony Endresen said: “While the first-quarter earnings are better than many might have anticipated, there is still the reality that as a Prime, Lockheed Martin will not know the impact of COVID-19 on earnings until later in the year.

“The nature and duration of contracts and delivery mean that the first quarter is too early to tell, though one should expect the COVID-19 crisis economic fallout to translate to leaner times across all sectors.”

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