04:03 PM EDT, 05/14/2024 (MT Newswires) -- Lockheed Martin ( LMT ) and Boeing's ( BA ) United Launch Alliance joint venture received financial penalties from the US Air Force due to delays in the launches of two military satellites, Bloomberg News reported Tuesday, citing a statement from the Air Force.

The service reportedly said the government is holding the company accountable for delays according to the contract's terms.

United Launch Alliance's first launch, which was originally slated for January, is scheduled for October and the June launch of a seventh new GPS-III satellite is pushed back to January 2025, the Airforce was quoted as saying by the report.

United Launch Alliance did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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