It will be difficult to continue making significant economic strides unless the strengths and shortcomings of Lockheed Martin Corporation are resolved. Furthermore, making the challenges transparent would aid in dealing with the market's current rivalry and increasing revenue.
The history of Lockheed Martin Corporation, from its founding by the Wright brothers to its notable merger with Martin Marietta.
Lockheed Martin Corporation's capabilities as a pioneering enterprise in the aviation and defense sectors.
a) Global leader in defense-related products and services
b) Existence of a variety of strong products portfolios
c) Innovative research and development
d) Lockheed Martin’s financial strength
e) Small but stable customer base
III.The weaknesses of the Lockheed Martin Corporation in dealing with the present challenges in the market.
a) High dependence on US government for revenue and projects
b) Quality Control
c) Low Price Approach
d) Contract misconduct
e) Restrictions and regulations
IV.The conclusion is discussing the way forward for the Lockheed Martin Corporation and the potential factors that will lead them to achieve their set targets.
Introduction
The evolution of aviation had started a long time ago ever since man had a desire to fly with the birds and visit faraway lands. Leonardo da Vinci first invented the concept of flying aircrafts centuries ago by drawing pictures and blueprints that would be later used in studying aviation. Since then, aircrafts of different kinds have been invented allowing people to accomplish fetes that were impossible before. Moreover, it is evident that there is no doubt that aviation has played a prominent role in the development of humankind.
From the time The Wright brothers started their test flights back in Kitty Hawk Ohio, America saw great potential in the aircraft industry and has drastically advanced every day. This saw fetes such as breaking of the sound barrier in supersonic flight achievable and for the first time man was able to go where he could not go before. Today, flying through the air feels like the purest action of trajectory, but one hundred years ago, this was just a dream. From the need to advance aviation and development of new concepts for the betterment of man, the Lockheed Corporation was formed (Catech, 2008).
In March 1995 Lockheed Martin was established after the merger between the Lockheed Corporation and Martin Marietta. Lockheed Corporation (Formerly Loughead Aircraft Manufacturing Company) was established in 1912 by brothers Allan and Malcolm Loughead. Martin Marietta was a Chemical, Aerospace and Electronics Company established in 1961 through the merger of Glen L Martin Company and American Marietta Corporation (Martin Marietta).
Presently, Lockheed Martin is globally known for aerospace, defense, energy, Space and advanced technology services. Also, it is the global leader in defense-related products. Lockheed Martin’s business interests include missiles and fire control systems, rotary and mission systems, space and aeronautics (Lockheed Martin, 2017). The company is also a provider of cybersecurity, management, scientific, engineering, logistics and systems integration services. The company’s principal customers are agencies of the U.S. Government, and the company engages the organizations either as a prime contractor or a subcontractor (Lockheed Martin 2017). The company has currently about 97,000 employees with 92% based in the United States. Lockheed Martin is a publicly traded company with its headquarters in Bethesda Maryland.
Lockheed Martin Corporation has had proudly served the American nation for over 100 years. The company’s aviation and space systems enabled Amelia Earhart to fly solo over the Atlantic, launched John Glenn into space, transmitted Neil Armstrong's famous words and continued to protect U.S. troops and allies. The company’s satellites are always monitoring global environment keeping an eye on the world and expanding our knowledge of the universe. As the world leader in sophisticated secure and mission-critical systems, Lockheed Martin is now applying their expertise in enterprise utilities command and control through legacy experience in command and control operations, situational awareness and multiple systems integration.
Strengths of Lockheed Martin
Global Leader in Defense-Related Products and Services
Lockheed Martin’s primary focus is on the research, design, development, manufacture, integration, and servicing of advanced technology products, systems, and solutions. Lockheed Martin operates in three core markets which include defense and intelligence, homeland security and information technology. Lockheed Martin is organized through a market-based structure, with four operating divisions producing unique products or services. The four categories are Aerospace and defense, Emerging Technologies; Space, and Energy (Benusa 1). Thus, the company gains a more competitive edge over its competitors.
Regarding revenue, Lockheed Martin is the world’s most prominent defense contractor with 71% of its revenue coming from the U.S. Government. On June 19, 2017, Reuters reported that Lockheed Martin was about to close a deal worth $37 billion with the US and ten other countries for the sale of four hundred and forty-four F-35 Joint strike fighters. Moreover, this makes the F-35 the highest profile product that the company produces. The plane is said to be the world’s only 5th generation multi-variant and multi-role fighter plane. By the end of August 2017, the company had won bids valued at over $427 million from the U.S. government (Best).
With the 2015 acquisition of Sikorsky for $ 9.0 billion, Lockheed Martin is adding additional value to their customers by providing turnkey solutions to their customers' aviation needs. Sikorsky is one of the world's largest helicopter companies specializing in the design, manufacturing, servicing and support of both military and commercial helicopters. Additionally, the company offers a spectrum of aftermarket support and servicing services to international clients around the globe.
The Existence of a Variety of Strong Product Portfolios
Lockheed Martin has a wide range of businesses that operate in different market segments and with $96.2 billion in backlogs it will reduce the impact of budgetary cuts on the company’s revenue in the future (Lockheed). It is expected that Lockheed Martin will convert $34.0 billion, which represents 35%, of the year 2016’s backlog into sales in 2017 (Lockheed Martin 2017).
Today, Lockheed Martin stands at a unique position as the most significant recipient of The Department of Defense orders easily outselling its rivals. Many analysts still believe that the corporation can maintain its current status and improve on defense department products. Their portfolio almost covers all the areas and is still benefitting from aeronautics, missiles and fire control systems to mention but a few.
It is also wise to note that Lockheed Martin generates at least 60 percent of its revenue from the F-35 program. If the same trend is followed in the coming years, this percentage is expected to double by 2020. In addition to the work that the company does with the Department of Defense, the company also has contracts with the National Security Agency (NSA), Department of Agriculture, Census Bureau, Department of Energy, Environmental Protection Agency, Postal Service, Central Intelligence Agency, The Pentagon and The Internal Revenue Service.
Technological expertise is Lockheed Martin’s high point. The company is the number one Information technology provider to the U.S. government. Lockheed Martin is at a unique position when it comes to combat aircrafts. Thus, the company will dominate future sales of fighter planes globally potentially. The company has the world leading range of fighter programs being the primary contractor for the F-35 Joint Strike Fighter in addition to the F-16 and the F-22 fighters programs (Finnegan).
Innovative Research and Development
Achieving the future is a dream of every multinational company, and Lockheed Martin is no exception. Thus, it tries to solve the present issues through innovation and invention of an advanced generation of products. Just like the way no one knows what is going to be there tomorrow, Lockheed Martin works day and night to ensure that they keep a constant notch on innovation to keep up with the present timeline.
Historically Lockheed Martin has set standards for innovation and advancement. The company’s strategy is to focus on long-term customer requirements and how the company can incorporate emerging technologies leading to investment in high potential areas such as autonomy, directed energy and hypersonic. Innovation techniques are also being applied to reduce the costs and hence addressing customer’s current and future needs (Lockheed Martin 2017).
During the most recent quarter, revenue in Lockheed Martin's aeronautics business rose 23% to $5.41 billion on higher F-35 sales. Meanwhile, revenue in its mission systems segment increased by 36% thanks to the addition of helicopter maker Sikorsky Corporation (Minaya).
The culture of innovation at the company has to lead the firm to venture into new lines of business. Together with Kampachi farms and Illinois soybean association, the company has ventured into aquaculture developing a mobile fish pen that communicates via satellite as it moves across the ocean carried by ocean currents. Voted as one of Time’s magazine top 25 inventions of the year 2012, the innovation solves the problem of overcrowding experienced by conventional commercial fish farms (Lockheed Martin 2013).
The company has helped the human race reach further and deeper into space by the launch of the Lockheed Martin made OSIRIS-Rex spacecraft by NASA, World View-4 imaging satellite by DigitalGlobe and the GOES-R weather satellite by NOAA. The company’s Juno spacecraft is now providing valuable insight into the largest planet in the Solar System after completing the 1.7 billion mile journey to Jupiter. The Orion Deep Space crew module was delivered by Lockheed Martin to NASA in February of 2016 and has been undergoing rigorous testing in preparation for its first unmanned mission in 2018. Savings that could significantly reduce production costs have been identified in the Orion project, and the company is looking forward to transitioning this project from the development phase to the production phase.
Consequently, Lockheed Martin actively supports innovative research in small businesses. SBIR and STTR are federal programs which mainly deal with funding of small businesses for research and develop emerging technologies. In this case, Lockheed Martin stretches its hand in support of these programs. In Huntsville, the corporation supports growing technology for defense. The location stands out as a marketplace which deals with the provision of technical guidance and mentors to support emerging technologies. Moreover, the company has developed matching technologies which adequately support the programs need.
Lockheed Martin’s Financial Strength
In 2016 Lockheed Martin delivered a total of $47.2 billion in sales, an increase of 17 percent compared to 2015 or $5.1 billion translated to operating profit. Total earnings per share of $12.38 were realized for the year 2016. Lockheed Martin’s customers ordered a total of $46.9 billion worth of products and services hence closing 2016 with a backlog totaling to $96.2 billion. Net income amounting to $5.3 billion was realized, and operational cash amounting to $5.2 billion was achieved for the year 2016 (Lockheed Martin 2017). The company’s total assets stood at $47.806 billion ranking it at position 152 of the world’s biggest companies.
Financial capability is not only a matter of revenue but also cost savings that have been made over a given period. Lockheed Martin has been able to reduce the production and sustainment costs of its premier F-35 joint strike fighter program. The cost reduction effort is also available on Lockheed Martin’s space systems through outstanding performance resulting to programs coming below costs which translates into savings to the customer. The company continues to work towards its goal of 35% lower prices and 25% faster deliveries (Lockheed Martin 2017).
The fire control and missiles business are significantly profitable as it totals to 36% of the total revenues of the Electronics Systems Segment. One of the Lockheed’s most significant contract projects is the Special Operations Force Contractor Logistics Support Services (SOF CLSS) to the US Army Special operations forces. The Company’s experience in Global logistics and training business makes Lockheed more knowledgeable in areas out of defense. For example, the company manages the U.S Department of Energy and operates the Sandia National Laboratories.
Lockheed Martin acquired businesses and investments such as Zeta, Industrial defender and Systems Made Simple in the year 2014 totaling to $898 Million. Acquisition of Zeta recorded intangible assets to approximately$100 Million and goodwill amounting to $ 290 Million. Therefore, the company is profitable and is also expanding. Acquisitions and mergers of Lockheed Martin increase its competitive edge as well as gaining confidence from the customers and investors.
The company has continued to deliver strong financial results over the years overcoming the budgetary pressure experienced by their customers. Through ingenuity Lockheed Martin has achieved results in the harsh business environment, they were able to increase sales in 2016, improve efficiency, maintain a positive profit growth, and grow their strong backlog. Homeland security focus by the U.S. government will increase opportunities for business in cargo security, air traffic management, biohazard detection among other security functions (DB Hoover).
Customer Base is Small but Stable
Seventy-one percent of the company’s 2016 $47.2 billion net sales came from the U.S. Government through the firm’s role as the leading contractor or subcontractor in its various engagements with the organization. However, 59% of the net sales came from the Department of Defense alone. International customers made up 27% of the net sales; nonetheless, it is inclusive of the foreign military sale. The U.S. commercial and other customers had a share of 2% of the net sales (Lockheed Martin 2017).
With the current threat of terrorism and other security challenges in the world, governments will continue to procure Lockheed Martin’s products and services ensuring a dependable revenue stream for the foreseeable future. Nearly half of the March 2017 supplemental defense budget proposal by the US government will go to buy and modernize warplanes, warships, and missiles. From this budget, Lockheed will deliver more F-35 joint strike fighter planes, THAAD missile defense systems and Black Hawk helicopters (Stone).
The company is positioning its self on the long-term profitable growth with the focus on interoperability of systems among allies to increase the demand for Lockheed Martin products in the markets it operates in. The F-35 is the product that provides the most extensive growth area for this approach as the firm targets to have 50% of all new orders come from international customers. Other targeted areas of growth include missile defense systems, the C130 super Hercules program and the Sikorsky rotary wing program (Lockheed Martin 2017).
The current geopolitical dynamics has led to an increase in demand for Lockheed Martin’s technology and weapon systems. Several countries including The Republic of Korea, The United Arab Emirates, The Kingdom of Saudi Arabia, Qatar and Taiwan have acquired missile interceptors and associated equipment. Customers have continued to show their trust in Lockheed Martin’s technology and capability. Case in point, The U.S military and allied forces demonstrated their faith in the company by entrusting the upgrade of their missile defense systems at the cost of $1.45 billion (Lockheed Martin 2017).
Weaknesses of Lockheed Martin
High Dependence on US Government for Revenue and Projects
Lockheed Martin heavily relies on US government contracts. The US fiscal deficit will cause the agreements to be under pressure in the coming years. The budgetary deficit makes high-cost programs such as the F-35 joint strike fighter program targets for budget cutting. Lockheed Martin’s military business has been under pressure from the budget cuts though this is not a situation that unique to the company. Other companies are also experiencing the same in their commercial launch and satellite operations (Finnegan).
Government contracts are very unpredictable and are dependent on the political situation at a given time. The deals are massive, which influences the business development and future strategy planning. In February of 2017, Lockheed Martin lowered the price of the F-35 fighter plane after facing political pressure to reduce the cost (Drew).
Lockheed Martin relies heavily on spending by the U.S. Government. In 2016, 71% of the company’s revenue came from the U.S. Government. Although many of Lockheed Martin’s engagements with the U.S. Government span over many years, many are dependent on the availability of congressional approvals which occur on an annual fiscal-year basis (Benusa 10). Potential revenue growth is likely to be affected by the budget cuts over the foreseeable future, and this could result in cancellation of programs that are important to the company (Benusa 11).
Lockheed Martin reputation could be affected in case of non-compliance with the set U.S Government law and regulations which could as well lead to adverse effects on the cost of the company’s business and the relationship with their customers. The Government could discontinue the Lockheed’s’ contracts without prior notice at its convenience or as result of company’s’ performance about the set performance expectations. After termination of Lockheed’s contract, the company is entitled to apportion fees in addition to allowable cost reimbursement which at times is not recoverable due to insufficient funds allocation during the initial stage. Termination may lead to exposure of the company to liability which could adversely affect its competitive advantage in securing future contracts. The reputation of the firm is core to its business continuity, relevance as well as securing investors.
The company is experiencing uncertainty after the newly elected administration has openly criticized the F-35 and other high-value programs. The administration has expressed concerns over the cost of the project and has gone as far as asking a competing company to price an alternative. The company has tried to address this by having a meeting with the president and offering further price cuts, but this may not guarantee that the pressure to cut costs will relent (Lockheed Martin 2017).
Quality Control
With the company’s business environment characterized by increased economic pressures and complex security challenges, a significant component of the company’s strategy is to improve the quality of products and services. The firm has endeavored to develop their products in a disciplined manner with a focus on safety and quality. The company is also investing in new technology and its people ensuring safe development and operation of its products and services.
Lockheed Martin’s operates in an environment where products have zero margins for error. The quality of products is paramount in the defense industry. Currently, the company is well respected within the defense industry for its internal quality control systems. However, they have been developed over time since a series of failures destroyed $4 billion worth of equipment which indirectly caused the reduction of annual profits by 66% in the year 1999. Poor management and quality control failure were determined to be the cause of these failures. These failures also triggered a restructuring process which culminated in the sale of many none core operations (DB Hoovers).
Lockheed Martin business involves working with new technologies in the design, development and manufacturing of advanced defense products and systems. The techniques used may be untested or unproven, and failure of some of the products and systems may lead to loss of life and damage to property. The company does not have indemnity or insurance to cover such uncertainties of the business. Furthermore, the company may also be liable in case of failure of some of their products and systems including fixed wing and rotary based aircrafts, missiles and systems for space exploration, command, control, and knowledge delivery programs (Lockheed Martin 2017).
Low Price Approach
Lockheed Martin operates in a business environment where business agreements are awarded through a tendering and price is a significant determinant. At the moment many governments are reducing defense spending due to budgetary pressures, and in turn, they put pressure on defense contractors to reduce their costs. The diversity of Lockheed Martin through its many subsidiaries allows the company to have a shield from the budget cuts. Though they may have slight protection from the budget cuts, the level of current and future budget cuts may negatively affect the running of the business in the coming years (Benusa 10).
The company is facing increased competition, and at the same time, the company’s customers are facing budget reductions. The customers are forced to do more with less by identifying more affordable solutions, reducing development cycles and increasingly doing tasks that they would traditionally hire a contractor for internally. Some of Lockheed Martin international competitors are provided with development and research assistance on top of market subsidies by their governments a privilege that the company does not enjoy.
The company also faces financial risk arising from the fact that the contracts that the company has with the U.S Government may be affected by the company’s performance, the ability to manage costs and the ever-changing government procurement policies all of which the company has no control over. Under the Award and incentive contracts, there is a risk of loss or lower profits depending on the U.S Government contracts undertaken, the cost of the products and services conducted as well as the prorated achievement of the set performance objective.
The company’s goal of increasing international sales faces significant risks such as competition from other vendors, taxation, regulatory requirements, political and economic factors, in addition to the dangers that come with conducting business in a foreign country. Exposure to this kind of risks has been increased recently by the acquisition of Sikorsky and the company’s increased ownership in AWE and may rise even further if international sales grow as anticipated.
Additionally, expansion of interest in space through growth could make the federal government spend more in the space industry. In this case, Lockheed Martin must budget on replacement of satellites in the coming future. In addition to this, services such as navigation and targeting will be easily handled with a well-established budget.
Contract Misconduct
According to the Project on Government Oversite (POGO), Lockheed Martin has had eighty-four instances of misconduct since 1995. The contractual fault has seen them paying a total of $812.9 Million in penalties. They also currently have five cases of misconduct pending resolution (POGO).
Contract misconduct eats into the company’s profitability and may also tarnish the reputation of the firm. However, this may lead to having them barred from future government business. Having the high number of violations like they have had since 1995 may allude to a weak corporate governance structure at Lockheed Martin.
The company may be affected by the outcome of the ongoing legal proceedings that cannot be predicted with certainty (Lockheed Martin 2017). Hence, the firm is required to estimate loss contingencies and establish reserves based on the assessment of the contingency where liability is more probable. The estimate may prove to be inaccurate creating a significant risk of loss when we have subsequent developments in the legal proceedings.
However, Lockheed Martin as any other defense contractor is routinely audited and investigated by the U.S. Government agencies including The Defense Contract Management Agency, The Defense Contract Audit Agency and the various agency’s inspector generals. The organizations review the costs, compliance with rules and regulations with a goal of advice the U.S Government. The U.S Government has a right to withhold payment if proper procedures are not followed and also seek reimbursement for misclassified costs.
Restrictions and Regulations
Lockheed Martin operates in the highly regulated industry, and the company must comply with all laws and regulations that relate to the award, performance and administration of government contracts. Adherence to the rules and regulations introduces risk and cost to business affecting the way the company conducts business with its customers. Violations of the laws by either the firm, its employees, partners, supplier or even a subcontractor working on its behalf may attract imposition of fines and penalties. Moreover, it includes possible damage to the firm's reputation, suspension or exclusion from the bidding of any future contracts, prohibition from exporting its products and services as well as civil or criminal proceedings against the organization.
Having realized that the U.S. Government is constrained of resources, Lockheed Martin is looking to grow its customer base with a bias on foreign governments to meet their needs of aeronautics and other products and services that the company offers. However being a U.S based company working in the defense industry, regulations restrict the sale of their products and services to foreign governments even US allies. Thus, reduced potential business growth makes the company reliant on the US government (Benusa 11). Not only can’t they sell, but other nations such as The Republic of Korea need approval from the U.S Congress to sell their F-22s which is US-made.
Given that the company primarily transacts with the U.S. Government, the rules that govern this engagement are structurally and procedurally different from those that are typically found in commercial meetings. The nature of contracts that Lockheed Martin has with the U.S. Government is structured in such a way that the Government may terminate any of the contract or subcontract at its convenience or by default based on the company’s agenda. Given that the arrangements are usually of high financial value, a termination arising from negligence may make the company liable which will affect the company’s ability to execute future contracts and orders (Lockheed Martin, 2017). The Government may also terminate the prime contractor under which the company is working under as a subcontractor regardless of the quality of work the company has delivered.
Conclusion
The Lockheed Martin Corporation has birthed a culture of quality not relenting in their operation excellence by using the most accepted practices while maintaining its industry standards. The Corporation has invested in approach tools, techniques, and resources to ensure that their output is of excellent quality and acceptable in the present market. Additionally, the corporation is also investing in an assurance system that is proven. The program has its standards set on international organization and methodology. There’s also a presence of proven assurance services and products which satisfy the contract requirements.
Financial analysts continue to forecast an increase in earnings per share for the coming years. $13, $14.35 and $16 have been projected for the years 2017, 2018 and 2019 respectively. Financial services firm Stifel Nicolaus and Buckingham give a buy recommendation for the company’s stock while Credit Suisse maintains a neutral recommendation (Rexaline 2016). However, in Lockheed Martin’s 2016 annual report the company states that they cannot assure investors that they will continue to increase their dividends or continue to purchase shares of their common stocks at their current levels.
The company embraces and implements both lean and six-sigma improvement tools as a way of steering processes and eliminating waste. Through this, they have managed to achieve success in the process control explaining their unending success. Operating excellence from the six-sigma improvement has brought impressive results since the launch in 1999 (Marx). The big question that remains is where Lockheed will be in the coming years.
As the US Government reduces budget allocations for defense, Lockheed Martin may find it fit to turn to the innovation of commercial Aircraft again as well as its production. Moreover, this could be a great opportunity since the market has been experiencing steady growth in Jet business. The demand for Jet business is projected to grow steadily in the coming years.
In response to new requirements by the world’s military forces, the Lockheed Martin Corporation focusses on working on the F-35 Lightning II stealth fighter jet to fill the urgent need in the market for these fighters. Nevertheless, the corporation needs to build them cheaply and win more contracts. If the company manages to achieve the milestone, the fighter can account for 50% of the Lockheed annual sales and make a considerable profit margin (Smith, DiLallo and Galas 2015).
The past success of Lockheed Martin can be attributed to its commitment to its core values that shape the organizational culture, the company’s approach to doing business, the effect that the company has in the community and the commitment that the company has to a sustainable environment. The company is working to promote peace and progress throughout the world while protecting the lives of its citizens striving to build brighter future.
Works Cited
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https://www.nytimes.com/2017/02/03/business/lockheed-lowers-price-on-f-35-fighters-after-prodding-by-trump.html. Accessed 5 Dec. 2017
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https://tealgroup.com/index.php/teal-group-news-media/item/lockheed-martin-teal-group-analysis. Accessed 5 Dec. 2017
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https://www.martinmarietta.com/about-us/company-history/ Accessed 8 Dec. 2017
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https://www.marketwatch.com/story/lockheed-martin-sees-lackluster-ea
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