CLAIM #37358 · Lockheed Martin Corporation (LMT) · 2022Q4 earnings call · Jan 24, 2023 · due Dec 31, 2023
“Similarly, on the F-16, we're going to see continued growth in production to roll out our backlog, but we are seeing a reduction in modernization and sustainment programs on the F-16.”
Jay Malave · CFO
In context
“t change what you've previously said with regard to the reacceleration in growth in 2024? Is it better than low single digit now? Thanks. Jay Malave: So David, let me take the first one and then kick over the second part of your question to Jim and just really talk in the context of '23 and what's going to be different in 2024. In 2023, when you look at it, we've got continued growth in our four pillars, really the programs of record that Jim had mentioned. But we do have some specific unique items to 2023, and I'll give you an example. For example, in aero. On the F-35, we continue to expect mid-single-digit growth in sustainment on the program. But we are expecting also a mid-single-digit decline in production as deliveries catch up to the material that we had purchased in prior years. Similarly, on the F-16, we're going to see continued growth in production to roll out our backlog, but we are seeing a reduction in modernization and sustainment programs on the F-16. So as those -- both of those normalize in 2023 going into 2024, they will no longer be headwinds, which will continue to allow for growth in Aeronautics, particularly in the F-35 sustainment and on F-16 production. Similarly, like MFC, what we saw in 2022 and it carries over a little bit to 2023 is some of the areas where we see the higher demand from a production level, particularly in programs of record, things like PAC-3, it's taken us a little bit longer than we originally expected to ramp up. And so we're going to see gradual improvement in supply chain as well as our internal operations in '23 with stronger growth in 2024. At RMS, CH-53 will double deliveries in '24 versus '23. And '23 versus '22 is pretty much flat deliveries. We also see probably some Black Hawk growth in '24 as w”
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SEC filings for LMT ↗ · Claim quote is verbatim from the 2022Q4 earnings call.