The INSIDER daily digest -- Oct. 26, 2021

This Tuesday INSIDER Daily Digest has news from Lockheed Martin's quarterly earnings call and more.

Lockheed Martin executives discusses the company's most recent quarterly earnings this morning:

Lockheed says F-35 production re-baseline contributed to projected 2021 revenue drop

Lockheed Martin is projecting a 2.5% drop in 2021 revenue, due in part to a re-baseline of the F-35 Joint Strike Fighter's production plan.

Initial operational test and evaluation for the Air Force's HH-60W Combat Rescue Helicopter program will take place a little later than originally expected:

Air Force expects to begin HH-60W IOT&E in early 2022

The Air Force is poised to enter initial operational test and evaluation for its HH-60W Combat Rescue Helicopter in early 2022, a service spokeswoman says.

While the T-7 trainer aircraft may be able to meet most of the Air Force's needs, Gen. Mark Kelly said during a Mitchell Institute event this week that there may be new requirements for size, weight and power, sensor, fuel and weapons computing capability:

New USAF tactical trainer likely to have different SWAP, sensor requirements than T-7, ACC says

The head of Air Combat Command said today that a future advanced tactical trainer that has the flexibility to serve as a surrogate fighter aircraft may call for different requirements than the T-7 Boeing is currently building to replace the aging T-38.

Brig. Gen. John Rafferty said the long-range precision fires cross functional team that he leads is working with U.S. Army Pacific and U.S. Indo-Pacific Command to hammer out in early 2022 the range capability of a next-generation surface-to-surface missile:

Army closing in on new objective PrSM requirement, range now classified

The Army is getting ready to lock in a requirement for an extended-range variant of its Precision Strike Missile and is moving to shroud the reach of the planned weapon -- which service leaders previously discussed openly -- in secrecy, a determination that will codify the scope of the competition for industry and keep potential adversaries, such as China, guessing about the precise offensive potential of U.S. ground units.

Air Combat Command chief Gen. Mark Kelly spoke during a Mitchell Institute event this week:

ACC commander doesn't anticipate E-7 within next two years

The head of Air Combat Command doesn't anticipate the Air Force would receive the Boeing E-7A Wedgetail this year or next if the service moves forward with buying the aircraft as a replacement for its aging E-3 Sentry fleet.