The company’s shares fell 8 per cent in premarket trading.Cheney Orr/Reuters
Lockheed Martin Corp (LMT-N) reported on Tuesday that its second-quarter profit plunged by about 80 per cent, after the U.S. defence giant recorded pretax losses of US$1.6-billion, mainly linked to a classified program within its Aeronautics segment.
The company’s shares fell 8 per cent in premarket trading.
Its net income dropped to US$342-million, or $1.46 per share, compared with US$1.64-billion, or $6.85 per share, a year earlier
Lockheed said the charge stemmed from difficulties with a classified program in its Aeronautics business and to certain international helicopter programs in its Sikorsky unit.