WASHINGTON (Reuters) -U.S. weapons maker 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 as the COVID-19 pandemic hobbles the company's supply chain. The news sent Lockheed's shares down 7.7% in premarket trading. 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's largest arms maker could muscle its way through the pandemic.
And for good reason. By 2025, SpaceX could be bigger than the space businesses of Boeing and Lockheed Martin -- combined.
In the latest trading session, Lockheed Martin (LMT) closed at $371.13, marking a +0.02% move from the previous day.