Lockheed Martin shares fall following downward earnings revision

Oliver Gill
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The F-35 Lightning II was criticised as being too pricey by Donald Trump (Source: Getty)

US defence giant Lockheed Martin today posted worse-than-expected sales, prompting shares to fall over 2.5 per cent.

The firm, whose F-35 Lightning II jet was criticised as too expensive by US President Donald Trump, also cut its full-year earnings forecast by 10 cents per share.

Operating margins at three of the group’s business units fell during the first three months of 2017, these include the firm's largest unit, its aeronautical division, where margins fell from 11.1 per cent to 10.6 per cent.

Read more: Trump tweet wipes billions off Lockheed Martin's market value

Although earnings were cut Lockheed Martin upped its sales forecasts for 2017 from a maximum of $50.6bn (£39.5bn) to $50.7bn.

Shares in the firm fell around 2.5 per cent in the wake of the news.

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