BUSINESS

Lockheed Martin Corp. to see $825 million revenue drop

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Bethesda-based Lockheed Martin Corp. will see a $825 million revenue drop in 2013 because of sequestration, severance payments and other issues, reports The Washington Business Journal.

The company revealed the loss in its quarterly earnings call with the media.

"We did higher level math assuming the peanut butter spread of the cuts [that give] no ability to favor one program over another," said Bruce Tanner, chief financial officer, according to the Business Journal.

The company’s net sales for FY2013 is around $44.5 billion to $46 billion.

Among the issues leading to the loss are rescheduled or halted contracts and facility closures.

READ MORE at The Washington Business Journal.

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