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Lockheed Martin CFO Possenriede To Retire; Cuts FY EPS Outlook

Lockheed Martin (LMT) said that Chief Financial Officer Kenneth Possenriede has decided to retire immediately due to personal reasons.

John Mollard, vice president and treasurer, has been appointed acting Chief Financial Officer, effective immediately.

In a separate press release, Lockheed Martin said it it has purchased group annuity contracts from Athene Holding Ltd. (ATH) to transfer about $4.9 billion of Lockheed Martin's pension obligations and related plan assets for about 18,000 U.S. retirees and beneficiaries to Athene.

On January 1, 2022, Athene will begin paying and administering the retirement benefits of certain retirees and beneficiaries in the Lockheed Martin Corporation Salaried Employee Retirement Program and the Lockheed Martin Aerospace Hourly Pension Plan.

In connection with this transaction, Lockheed Martin expects to recognize a non-cash, non-operating settlement charge of about $1.7 billion in the third quarter of 2021, primarily related to the accelerated recognition of actuarial losses for the affected plans.

Lockheed Martin lowered its fiscal year 2021 earnings per share outlook to a range of $21.95 - $22.25 from the prior estimation of $26.70 - $27.00. Analysts polled by Thomson Reuters expect the company to report earnings of $26.68 per share for fiscal year 2021. Analysts' estimates typically exclude special items.

The company still expects annual business segment operating profit to a range of $7.38 billion - $7.52 billion and net sales of $67.30 billion - $68.70 billion. Analysts expect annual revenues of $68.34 billion.

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