Two leading US defence contractors have reported sales pressures even as the war in Ukraine boosts demand for their weaponry, with production hamstrung by shortages of parts and labour.
Raytheon, which manufactures the Stinger missile used by Ukrainian soldiers fighting Russian forces, on Tuesday reported sales in its missile and defence division fell by 11 per cent to $3.6bn in the second quarter compared to the same period of 2021. It also trimmed the division’s sales and profit outlook for the year.
The announcement came a week after Lockheed Martin, which jointly produces the Javelin missile with Raytheon, lowered its revenue outlook for 2022 by $750mn to $65.25bn, mostly due to supply and labour pressures in its aeronautics division.
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