Lockheed (LMT) F-35 Program Won't Come Under Knife in FY14

It appears that Lockheed Martin's (NYSE: LMT) F-35 program is safe after all.

Reports out Wednesday have the Pentagon aiming to spend about $8.4 billion in fiscal 2014 to continue development of the project, with all 29 F-35 aircraft still planning to be purchased. The next fiscal year starts October 1, 2013.

The request came from President Obama's $526.6 billion defense proposal.

Currently, its planned that the Pentagon will get $99.3 billion for procurement and $67.5 billion for R&D, though those numbers could be changed via Congressional committees.

The F-35 program has been hit with a smattering of delays. Bloomberg reported today that Rolls-Royce is about 160 days behind on F-35 part deliveries.

Shares of Lockheed are up 0.6 percent.

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