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Tuesday, June 10, 2014

Lockheed eyes foreign, non-defense work as Pentagon budget drops

F-35B Lightning IILockheed Martin Corp on Monday said it was banking on international and non-defense orders to offset a drop in U.S. military spending, with Pentagon orders accounting for a low 61 percent of overall sales in 2013 and trending lower.

Lockheed Chief Financial Officer Bruce Tanner said U.S. defense orders would likely dip further as a percentage of overall revenues in 2014 and 2015, and orders could drop as low as 50 percent, depending on what happened in other business areas.

"It's not in our long-term vision to get to 50-50 ... but it's not out of the possibility that it could drop there," Tanner told Reuters at the company's annual media conference.

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