Latest news with #Block4
Time of India
24-07-2025
- Business
- Time of India
Faltering F-35 program compounds Lockheed Martin's woes as company profit drops, share plunges over 18% in one year
Lockheed Martin 's F-35 Lightning II is currently considered as the pinnacle of military aviation. The fifth generation stealth fighter forms the cutting edge of the United States military combat aircraft as well as that of 11 other allied countries. But the American defense and aerospace manufacturer is facing a crisis with the F-35 as its biggest customer, the Pentagon , has scaled down the number of stealth fighters it will buy coupled with apprehension among a section of potential buyers like Canada. A second-quarter profit drop of almost 80% and a pretax loss of $1.6 billion, show Lockheed Martin is flying into troubled weather. Lockheed's stock price has mirrored its financial health, registering a drop of 18.60% in the past one year. The company's stock closed at $419.39 on July 23, 2025, compared to the price of $515.20 on July 24, 2024. The aviation major's second quarter 2025 sales stood at $18.2 billion, just a shade more than the figure of $18.1 billion in the second quarter of 2024. "Net earnings in the second quarter of 2025 were $342 million, or $1.46 per share, including $1.6 billion of program losses and $169 million of other charges. This compares to $1.6 billion, or $6.85 per share, in the second quarter of 2024. Cash from operations was $201 million in the second quarter of 2025, compared to $1.9 billion in the second quarter of 2024. Free cash flow was $(150) million in the second quarter of 2025, compared to $1.5 billion in the second quarter of 2024," the press release by Lockheed stated. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Treatment That Might Help You Against Knee Pain Knee pain | search ads Find Now Undo Admitting that its Aeronautics Classified Program is facing trouble, the company said, "Aeronautics has experienced design, integration, and test challenges, as well as other performance issues on this program. These trends continued into 2025 and had a greater impact on schedule and costs than previously estimated." Its Canadian Maritime Helicopter Program (CMHP) and Türkish Utility Helicopter Program (TUHP) have also been hit by various issues, which the company claims it is trying to resolve. The two programs reported pretax losses of $570 million and $95 million respectively. Subsidiary Sikorsky, which focusses on helicopters, is also facing turbulence. Live Events F-35 program runs into trouble The F-35 program is facing delays with the Block 4 upgrade and the company lost the race to develop the sixth-generation fighter - the F-47 - to its rival Boeing announced by President Donald Trump on March 21, 2024. The Pentagon refused to take any more F-35 jets for much of 2023 and the first half of 2024 after Lockheed failed to integrate new software and hardware. This was due to delay with TR-3, which Lockheed calls the 'backbone' of Block 4 upgrade. The new batch of F-35, albeit with a lesser capability than initially proposed, were delivered to the US military from July 2024. General David Wayne Allvin, the United States Air Force Chief of Staff, has asked Lockheed to fix the issues in the F-35 program before more jets can be ordered and bought. "In the end, because we have limited financial resources, we need to make sure that the F-35s we buy have the capability to meet the pacing threat. So, some of the delays with respect to Block 4 and TR-3 weighed into decisions by the department,' the US Air Force top general told Defence One at the Royal International Air Tattoo in Gloucestershire, England. Lockheed's order book now has 24 F-35s for the U.S. Air Force, down from 48 proposed earlier in 2024. The US Navy also wants less of the F-35, its order is down to 12 from the 17 aircraft while Marines have brought down their order by two fighters. With China deploying its fifth generation fighters - Chengdu J-20 Mighty Dragon and Shenyang J-35, the US is for the first time facing threat to its stealth fighter dominance. Recently, China also revealed that the naval variant of J-35 for its aircraft carriers was also operationally active. To counter the growing Chinese threat, the Pentagon has made it clear that the F-35 Block 4 fight must be fully capable in all aspects including software upgrades, weapons integrations and related sensitive parts, and not depend on upgrades to showcase its potential might. China and tax angle to Lockheed's woes Lockheed Martin is focussed on the military sphere. With the F-35 program slowing down due to the extremely high cost of maintenance and day to day operation, it was betting on getting the sixth-generation deal. But that did not materialize As Trump unleashed the tariff war, China responded with curbs on rare earth metals and minerals hitting the production line of the F-35 fighter aircraft. Lockheed and U.S. tax authorities are also engaged in a fist fight. The tax authorities claim Lockheed's unpaid tax bill stands at $4.6 billion, which the company plans to pursue legally.
Time of India
15-07-2025
- Business
- Time of India
UK audit reveals shocking flaws in F-35 stealth jet fleet - they can't fight, fly, or fire weapons
The UK's F-35 stealth jets aren't performing well — they're struggling to fly, fight, or fire weapons. The NAO found serious issues with availability, engineering staff shortages, and weapon delays. The UK currently owns 37 F-35B jets, meant for short take-off and vertical landing like the old Harriers. The jets have amazing technology like low radar visibility and advanced sensors, but they're still underperforming, as stated by The Register. Readiness and staff shortage issues UK jets are not ready to fly as often as expected, even though the targets are lower than global standards. In 2023, the jets were only half as ready for missions compared to the target. The fully mission-ready rate was even worse — about one-third, as per the reports. There's a huge lack of trained engineers and staff to work on these jets. During a 2021 mission, one UK jet crashed because a protective cover was left inside the engine — it couldn't take off and fell into the sea. That mission also showed the US Marines had 25 people per jet, while the UK had only 14, as mentioned by The Register. ALSO READ: UnitedHealth Group stock down after Wolf Research lowers its price target to $330 from $363 Live Events Weapon problems and US delays The UK F-35s still can't use key missiles like Spear 3 or Meteor, which were supposed to be ready by Dec 2023. Now, those weapons won't be available until the early 2030s. Lockheed Martin is blamed for poor performance and delays, as per the reports. The UK's Ministry of Defence (MoD) is also blamed for bad contracts that didn't focus on getting weapons delivered in time. Right now, UK F-35s can only use limited bombs and US-made missiles like the AIM-120D, according to the report by The Register. Most of the new features were supposed to come in Block 4 software updates, but those updates are way behind. Originally, Block 4 was to arrive by 2022, but now it won't be fully ready until 2033. There's also a belief that the US doesn't prioritize European-made weapons, making UK jets rely more on American systems, as per the reports. Bigger picture and future plans Because of all these issues, the UK is working on a new fighter jet program called Tempest, with Japan and Italy, not the US. The UK originally planned to buy 138 F-35s, but progress is slow and this may hurt its status in the global program, as stated by The Register. Countries like Australia (72 jets) and Norway (52 jets) are moving faster than the UK. The UK recently announced it will buy 12 F-35A and 15 more F-35B jets, but they won't arrive until the late 2020s, as per the reports. ALSO READ: Prince Harry ready to make amends and make peace — Kate supports it, but William says 'Not So Fast' Adding a second version (F-35A) may make things worse because it needs different engineers and maintenance setups. A special testing facility to check if the jets are still stealthy was delayed for budget reasons and now won't be ready until next decade, according to the reports. The NAO gave the MoD several suggestions, like making internal changes to manage the program better. The MoD responded saying the program is still within budget, and the UK will have two squadrons ready to deploy by end of this year, as per the report by The Register. FAQs Q1. Why are UK F-35 jets not working properly? The UK F-35 jets have problems with flying, staff shortages, and can't use key weapons due to delays and poor planning. Q2. When will UK F-35 jets get full weapon capability? The UK F-35 jets are expected to get key weapons like Meteor and Spear 3 only by the early 2030s.
Yahoo
12-06-2025
- Business
- Yahoo
INPEX secures Onshore Block 4 concession in Abu Dhabi
Japanese oil company INPEX has secured a production concession for Onshore Block 4 in Abu Dhabi, United Arab Emirates, strengthening its Middle East portfolio. The Supreme Council for Financial and Economic Affairs of Abu Dhabi awarded the concession to INPEX's subsidiary Jodco Exploration (JEL). JEL will hold a 40% interest in Onshore Block 4, with Abu Dhabi National Oil Company (ADNOC) retaining the remaining 60%. The partners are set to jointly advance development and production activities in the region. This follows INPEX's participation in ADNOC's first competitive bid round in 2018, which led to the exclusive rights to explore Onshore Block 4 and the subsequent discovery of multiple oil, condensate and gas reservoirs after drilling operations in 2021. The production concession is expected to significantly contribute to INPEX's business expansion in Abu Dhabi, where the company has been operating for more than five decades. Apart from the Onshore Block 4 concession, the Abu Dhabi council has also awarded two other oil and gas production concessions. A production concession agreement has been awarded to ADNOC, ENI Abu Dhabi and PTTEP MENA for Offshore Block 2 in Abu Dhabi. The production concession is situated offshore to the west of the Ghasha field, focusing primarily on conventional gas resources. ADNOC will hold a 60% interest in the concession area, while ENI and PTTEP will hold 28% and 12% participating interests, respectively. The third and final production concession agreement has been awarded to ADNOC and Pakistan International Oil Limited (PIOL) for Offshore Block 5 in Abu Dhabi. PIOL will own a 40% participating interest in the concession area, located offshore near the Zakum field, primarily producing conventional oil resources. ADNOC will hold the remaining 60% interest. "INPEX secures Onshore Block 4 concession in Abu Dhabi" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
04-03-2025
- Business
- Yahoo
F-35s to get new capabilities with summer software update
AURORA, Colo. — Lockheed Martin hopes to begin rolling out early Block 4 capabilities to the F-35 this summer, a senior company official said Monday. Chauncey McIntosh, vice president and general manager of Lockheed's F-35 program, said at the Air and Space Forces Association's AFA Warfare Symposium here that the company plans to drop an update to the F-35′s Technology Refresh 3 software, which will enable new features. The TR-3 software update will bring the aircraft type closer to being able to fly in combat, he said. 'Our warfighters are going to see a much higher increase of stability in that software' once the update is in place, McIntosh said. TR-3 is a series of upgrades to the F-35′s computer memory, processing power, and displays, which are intended to make the jet more capable and pave the way for a subsequent series of more substantial improvements known as Block 4. McIntosh said in a briefing with reporters Monday that Block 4 will bring the F-35 improved sensors, better sensor fusion, and an expanded array of weapons the fighter can carry. In an interview with Defense News after the briefing, McIntosh declined to specify which Block 4 upgrades are on their way later this year, saying the details are secret. 'There are some things coming that the warfighter is going to be excited to receive,' he said. A previous Block 4 capability that was dramatically accelerated in the F-35 was the adoption of the automatic ground collision avoidance system, or auto-GCAS. That life-saving technology automatically pulls a jet up if the pilot is unresponsive and the jet senses it is diving into the ground. Officials began installing the capability in 2019. TR-3′s rollout was snarled by lingering software and hardware problems that caused the government to refuse deliveries of dozens of new F-35s for about a year. The delivery halt was lifted in July 2024, after Lockheed Martin developed an interim version of the TR-3 software that would allow pilots to fly training missions, and then combat training. But the jets are still not able to fly in combat, and the government is withholding millions of dollars from Lockheed until the jets are certified to be combat capable. The F-35 Joint Program Office said earlier this year that it hopes the TR-3 jets will be combat capable by the end of 2025, but Lockheed's chief financial officer said in a January earnings call that it might slip to early 2026. It remains unclear whether F-35s will reach full combat capability this year. McIntosh said it will be up to the military services and international partners flying the jets to decide whether they are ready for combat. He did not directly answer when asked whether Lockheed will be able to deliver all the elements needed for a combat-ready designation by the end of this year. Lockheed expects to deliver between 170 and 190 F-35s this year, as it works through the backlog from the TR-3 delays. That would be up from the roughly 110 it delivered in 2024. McIntosh told reporters Lockheed and the government expect to define the terms of the next F-35 contract, for Lot 18 of the jets, in the second quarter of 2025. Although that contract has not yet been definitized, he said, the company is keeping the rising costs of the jet under inflation. He highlighted the price of steel as one example of a material that goes into an F-35 that has seen significant inflation in recent years. When asked how the Trump administration's 25% tariffs on steel and aluminum might affect the F-35 program, McIntosh said Lockheed is monitoring their economic effects. He declined to speculate on how Lockheed might respond to tariff-driven increases in the supply chain, but said in the past the company has sought to find new ways to get cheaper materials, such as hunting for alternative vendors or adopting different buying techniques.
Trade Arabia
19-02-2025
- Business
- Trade Arabia
Mitsubishi Power completes gas turbine power station at Alba
Mitsubishi Power, a power solutions brand of Japanese group Mitsubishi Heavy Industries (MHI), today (February 19) announced the successful completion of the Power Station 5 Block 4 gas turbine combined cycle (GTCC) power plant at Aluminium Bahrain (Alba). This plant is powered by Mitsubishi Power's state-of-the-art, hydrogen-ready M701JAC gas turbine and steam turbine. The high-efficiency power plant was developed by a Mitsubishi Power consortium with SepcoIII to expand Alba's captive power generation capacity in line with its growth and sustainability objectives, and to help accelerate the sustainable economic development of Bahrain, said the Japanese group in a statement. With a combined cycle output of 680.9 MW, the Mitsubishi Power M701JAC gas turbine represents the first deployment of this advanced JAC technology in a Middle Eastern aluminium smelter, contributing to Alba's decarbonization goals while ensuring energy security for its operations. The announcement was made during a ceremony held at Alba's Power Station 5 site attended by high-level officials from Alba including the Chairman of the Board Khalid Al Rumaihi, Chief Executive Officer Ali Al Baqali, Chief Power Officer Amin Sultan, and Alba's Executive Management Team and a senior delegation from Mitsubishi Power led by Takashi Tozawa, Vice President, Energy Systems at MHI and Khalid Salem, President, Middle East and North Africa, Mitsubishi Power. Senior officials from SepcoIII were also present including its Vice President, Kong Lingfen. Mitsubishi Power was able to complete the contract a month ahead of schedule and this new milestone marks the successful execution of the project, reinforcing its track record in the delivery of high-efficiency and reliable power solutions for energy-intensive industries. On the project completion, Tozawa said: "We are honored to celebrate this landmark project which introduced Mitsubishi Power's state-of-the-art power generation technology to the Mena region and we are proud to mark the completion of this significant milestone for our partner Alba." "The successful start of commercial operation at the Power Station 5 Block 4 project with our world-leading, hydrogen-ready M701JAC Gas Turbine is a testament to our dedication to support our customers meet their energy goals as well as to decarbonizing heavy industry," he stated. "This milestone not only underscores our strong collaboration but also plays a pivotal role in advancing Bahrain's Economic Vision 2030 and building a sustainable energy future for the Kingdom," he added. Al Rumaihi said: "Power Station 5 Block 4 isn't just an expansion of our power capacity, it's a testament for Alba's vision for a sustainable future, and a powerful symbol of what is possible when innovation and partnership converge." "This Project, delivered ahead of schedule thanks to the dedication of our teams and partners like Mitsubishi Power and SepcoIII, propels us forward on our journey to a greener Bahrain, demonstrating that industrial growth and environmental stewardship can go hand in hand," he added. As part of the agreement, Mitsubishi Power will continue supporting Alba through a Long-Term Service Agreement (LTSA), ensuring high availability, reliability, and performance of the gas turbine.
