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F-35 maker Lockheed Martin (LMT) is gearing to report for the first quarter early Tuesday. The Russian invasion of Ukraine unleashed German and NATO defense spending, including on F-35 fighter jets. On Monday, Lockheed Martin stock fell near a buy point.
More aerospace and defense stocks report next week. General Electric (GE) and Raytheon (RTX) report April 26. Boeing (BA) and General Dynamics (GD) April 27, and Northrop Grumman (NOC) April 28.
Estimates: Lockheed Martin earnings are likely to fall 7% to $6.11 per share on a 4% revenue drop to $15.579 billion, according to FactSet.
Results: Check back early Tuesday.
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Shares of Lockheed Martin shed 0.5% to 465.44 on the stock market today. LMT stock sits less than 5% below a 480.09 flat-base buy point with a rising relative strength line just below the March 7 peak.
Lockheed Martin stock has an RS Rating of 94 out of a best-possible 99, while its EPS Rating is 88.
Meanwhile, Boeing stock fell 1.6% to 179.13, while General Dynamics was flat at around 243. GE stock edged up 0.5% to 90.42, and Raytheon Technologies was mostly unchanged at around 104.
Investors will look for updates on the critical F-35 Joint Strike Fighter program, Lockheed Martin’s biggest. It made up more than a quarter of LMT’s 2021 sales but continued to be impacted by Covid-19.
In mid-March, Bloomberg reported that the U.S. government will buy fewer F-35 jet fighters in fiscal 2023. Lockheed Martin stock tanked on the news before rallying again.
But following the Russian invasion of Ukraine, Germany said it would buy 35 F-35 fighter jets.
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Defense stocks surged following Russia’s Feb. 24 invasion of Ukraine, while stocks at large fell.
Surprising defense experts, Moscow hit more resistance than expected in the battle against its neighbor.
The Russian invasion of Ukraine was a wake-up call for Germany and its NATO allies, which are sending European and U.S.-built 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 Feb. 13, Lockheed Martin ended its proposed acquisition of Aerojet Rocketdyne (AJRD) after FTC opposition.
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