Lockheed Flags $1.6 Billion in Charges as New CFO Digs Deep (1)

Lockheed Martin Corp. caught investors off guard with $1.6 billion in charges and a possible tax hit that sent its stock tumbling, the latest setback for the defense giant whose popular F-35 jet faces criticism over cost overruns and delays.

The company’s shares plunged nearly 11% on Tuesday — the biggest drop since October 2021 — after the world’s largest defense contractor reported earnings that missed analyst estimates and lowered its outlook for the year.

At issue, the company said, were program losses involving its secretive Skunk Works operation and separate helicopter development efforts for the Canadian and Turkish governments. ...