CLAIM #37595 · Lockheed Martin Corporation (LMT) · 2024Q2 earnings call · Jul 23, 2024 · due Dec 31, 2027
“and then to $650 million by 2027.”
Jay Malave · CFO
How to check this claim
Look at: PAC-3 missile program annual sales/revenue
It came true if: PAC-3 revenue >= $650 million
Where: company management commentary (earnings call) or segment disclosure in 10-K
In context
“bout MSC's production ramp that you're going to have over the next couple of years. Just how does this all tie in with the collaborative agreements you got with Ryan Mittal [ph] now, PAC-3 production opening up in Poland and I think Jim also mentioned Spain, an agreement there. Just can you give us an update on PAC-3, what the growth kind of expansion looks like now and same, I guess, on some high HIMARS and JASSM, what some of those growth rates look like? Thanks. Jay Malave: Sure. A lot of these agreements enable -- they're part of in-country requirements for industrial cooperation. You mentioned Poland, you mentioned Germany, also Australia. And those are enablers for us to build up this backlog and drive this demand. On the PAC-3 specifically, we expect to get to $550 million in 2025, and then to $650 million by 2027. And so all of these orders and these partnerships that we're signing up, while all enablers to us to be able produce and deliver at those rates. And it's not just PAC-3. We've talked about GMLRS going from 10,000 to 14,000. We've talked about Javelin going from 2000 to about 4,000. We've talked JASSM and LRASM going from about 700 a year to 1,100 a year, so all of these orders that we're seeing, all these customer engagements that we have both domestic and international are all enablers to drive to these rates that we're building to. And so what they do is fill in the bucket to bring us to that backlog that's necessary for us to generate those sales. And we're on track to that. Operator: The next question comes from the line of Jason Gursky from Citi Research. Please go ahead. Jason Gursk”
Verify independently
SEC filings for LMT ↗ · Claim quote is verbatim from the 2024Q2 earnings call.