Biden admin plans to reduce F-35 jet orders from Lockheed Martin by 18% in 2025 budget, affecting $1.6B spending and impacting company revenue.

The Biden administration is reportedly planning to reduce the number of F-35 fighter jets ordered from Lockheed Martin Corporation by 18% in the upcoming 2025 budget due to budget constraints, resulting in an approximate $1.6 billion reduction in jet spending. The decision could have implications for Lockheed Martin, which derives roughly a quarter of its revenue from the jet program. Lockheed Martin's shares dropped by 2.6% following the news, and the company expressed its willingness to collaborate with the Biden administration and Congress on the 2025 fiscal year budget.

February 14, 2024
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