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Lockheed Martin has warned of persistent supply chain disruptions for the remainder of the year © Jason AldenBloomberg
Lockheed Martin trimmed its revenue outlook for 2022 as it warned that supply chain disruptions, which weighed on its latest results, would persist for the remainder of the year.
“A lot of companies in our supply chain, including us, were impacted by extended absences” during the initial wave of the Omicron variant of Covid-19 “and while we’ve seen improvement in the cadence of our operations, we still have yet to figure out how to recover what was lost,” chief financial officer Jay Malave told the Financial Times.
The defence contractor lowered its revenue outlook for 2022 by $750mn to $65.25bn as it anticipated supply chain issues would persist for the rest of the year. About “$550mn of that was sitting in our aeronautics business due to supply chain pressures, as well as some of the programme delays…