WASHINGTON (Reuters) -Lockheed Martin Corp lowered its 2021 revenue expectations by 2.5% to $67 billion on Tuesday and said next year's revenue could fall to $66 billion, sending shares down 10% as the COVID-19 pandemic hobbles the company's supply chain. 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. The reassessment means "a slight reduction in revenue in 2022 and roughly flat to low-single-digit growth rates in both revenue and segment operating profit over the next few years" as Lockheed prioritizes researching next-generation weapons systems like hypersonic weapons and returning cash to shareholders, the CEO added.
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In the latest trading session, Lockheed Martin (LMT) closed at $371.13, marking a +0.02% move from the previous day.