Lockheed Martin Corporation LMT updated its F-35 Technology Refresh 3, or TR-3, schedule projections, anticipating the delivery of the first TR-3 jet between April and June 2024.
The TR-3s were expected to be delivered by 2023, the company had earlier said in its Q2 earnings call.
The weapon maker now expects to deliver 97 aircraft in 2023 (all in the TR-2 configuration), down from the previous expectation of 100 to 120 jets, the company said in an exchange filing.
"We are producing F-35s at a rate of 156 per year and expect to continue at that pace while simultaneously working to finalize TR-3 software development and testing," the company added.
Lockheed Martin focuses on getting suppliers the necessary hardware to deliver this critical combat capability for the F-35.
The number of F-35 deliveries next year will depend on when the first TR-3 aircraft is delivered and the time needed to complete the customer's acceptance process.
While the company said it does not expect the delays to weigh on its 2023 financial outlook, it is still assessing the impacts to 2024.
The company confirmed it will have updates as the test plan continues.
Price Action: LMT shares are trading lower by 4.59% to $424.75 on the last check Wednesday.
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