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Stock impact report

Lockheed tumbles 12% as supply chain woes hammer forecast [Reuters]

Aerojet Rocketdyne Holdings, Inc. (AJRD) 
Last aerojet rocketdyne holdings, inc. earnings: 2/19 04:11 pm Check Earnings Report
Company Research Source: Reuters
COVID-19 pandemic severely hobbled the top U.S. defense contractor's supply chain, sending its shares down 12%. The pandemic has crippled many companies' ability to send and receive the parts and supplies they need to produce a wide range of products, creating shortages, reducing inventories and hammering profits. Lockheed's chief financial officer said the problem worsened for them over the last two months, as the maker of the F-35 fighter jet lowered its 2021 revenue expectations by 2.5% to $67 billion and said next year's revenue could fall to $66 billion. Lockheed's poor outlook, just 66 days from year-end, came after it reassessed its five-year business plan "given recent external and programmatic events," Chief Executive Jim Taiclet said in the earnings report that dashed hopes the United States' largest arms maker could muscle its way through the pandemic. Shares of defense stocks fell after the report, with the Dow Jones U.S. Defense index down nearly 6% at midday. T Show less Read more
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