“We view this funding outcome as positive for the future, and our current expectation is that growth will materialize over the longer term, starting in 2024.”

In context

“ongress signed the FY '23 Omnibus spending bill into law, appropriating $858 billion for National Defense, including $817 billion for the DoD-based budget. This reflects approximately 10% growth year-over-year for both national defense and the DoD-based budget. The law also represents a 6%, or $45 billion increase from the President's budget request for DoD. These appropriations enabled us, along with the Joint Program Office, to finalize the contract for the production and delivery of up to 398 F-35s for $30 billion in Lots 15 and 16, including the option for Lot 17. Further, several other of Lockheed Martin’s programs received the funding levels necessary to drive the growth outlook we previously identified, including our combat rescue helicopter, the C-130J, Blackhawk, CH-53K and FAAD. We view this funding outcome as positive for the future, and our current expectation is that growth will materialize over the longer term, starting in 2024. Let's now turn to the four growth pillars: programs of record, hypersonics, classified activities and new awards. With regard to programs of record, there were several important developments in key signature programs in our fourth quarter. On the F-35, the definitization of Lots 15 through 17, as I mentioned a minute ago, included the first F-35 aircraft to be produced for Belgium, Finland and Poland. We received authorization to procure long lead items for Lot 18 F-35 aircraft for the U.S. Air Force, Marine Corps, Navy and U.S. allies as well. We also formally welcomed Germany, the ninth foreign military sales country, to the F-35 Lightning II program. And earlier in January, Canada officially became an F-35 operator as the country selected the aircraft to replace its aging fighter fleet”