This morning Lockheed Martin announced their third-quarter earnings and revenues. The company far exceeded analysts estimates of their earnings but fell short on revenues by $1.1 billion or approximately 7%. In response the stock has declined approximately 11% as of 11:20 a.m. this morning.

After closely reviewing this earnings report I believe that the revenue shortfall was caused by a slowing of F-35 deliveries. We believe this is likely related to national supply chain issues that are temporary. Lockheed Martin currently pays a dividend of approximately 3%, has a virtual lock on fighters aquisitioned by the Air Force, Navy, and Marines that will last for many decades, and has other revenue sources including in hypersonic missiles, fire control devices, etc… that should make Lockheed healthy far into the future. Based on our analysis of this, we believe, temporary short-term setback, we are increasing our position weighting in Lockheed today! This is in our view, a buying opportunity!

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