Lockheed Martin’s net sales increased by $6.7 billion in Fiscal 2016 to $47.2 billion, due in part to the acquisition of Sikorsky Aircraft and increased production of the F-35 strike fighter, the company announced on Monday. Net sales in Lockheed’s aeronautics’ division jumped 14 percent, a $2.2 billion increase, in Fiscal 2016, due to “higher net sales of about $1.7 billion for the F-35 program … [and] increased volume on aircraft production and sustainment activities,” states the fourth quarter and full-year earnings report. However, the company delivered seven less F-35s in 2016 than it had expected (46 instead of 53). The F-35 program has come under fire recently from President Donald Trump, who says it’s too expensive. Company CEO Marillyn Hewson has met with Trump four times to discuss lowering program costs, reported Reuters. Lockheed’s aeronautics’ division also saw an increase of about $160 million for its F-16 program, about $100 million for the C-5 program, and $100 million for the C-130 program due to increased aircraft deliveries from FY15 to FY16, states the release. The company’s rotary and mission systems division saw a 48 percent increase in net sales, which is attributed mostly to the acquisition of Sikorsky on Nov. 6, 2016. However, the company reported that Sikorsky “did not adequately identify, design, and implement appropriate process-level controls for its processes,” noting the company planned to remediate “this material weakness” before the end of Fiscal 2017, according to Reuters.
The last remaining T-1 Jayhawk at JBSA-Randolph, Texas, took its final flight to the "Boneyard" at Davis-Monthan Air Force Base, Ariz., on July 15. The 99th Flying Training Squadron will train pilots using T-6 and simulator until it gets T-7 Red Hawk in fiscal 2026.