Jim Taiclet Cites White House’s FY24 Defense Budget Request as Reason Behind Lockheed’s Optimism

Jim Taiclet, chairman, president and CEO of Lockheed Martin (NYSE: LMT), said he believes the company is in a “strong position” given with the White House’s fiscal year 2024 budget request of approximately $886 billion for the Department of Defense, FlightGlobal reported Sunday.

The proposed budget for DOD reflects a 3.3 percent year-on-year increase in defense spending.

Taiclet, a two-time Wash100 awardee, said the Biden administration’s FY 2024 budget request for the Pentagon includes funds for 83 Lockheed-built F-35 fighter jets.

“That’s the level we need,” Taiclet said. “We don’t need to ask for more production aircraft to fill the factory.”

In 2022, the Bethesda, Maryland-based defense contractor manufactured 141 F-35s.

Lockheed plans to produce 156 units of the fighter jet per year by 2025 and Taiclet said many of those aircraft will come from foreign military customers.

Sponsor