The year 2020 was a time of growth for the aerospace defense giant. Despite pandemic-related supply chain disruptions, Lockheed Martin still managed to increase net sales by 9%, to $65.4 billion. The F-35 program, off to a rocky start, rebounded with the company delivering 120 orders over the year. The firm’s production backlog also rose, sitting at $147.1 billion as of spring 2021. Also in 2021, Lockheed Martin agreed to acquire U.S. manufacturer Aerojet Rocketdyne Holdings for $4.4 billion, a move to advance its standing in the rocket propulsion field. Following a strong first quarter, the company pushed up its sales and profits outlook for the year ahead.