Featured Company News – Lockheed Martin Bags $413 Million Contract from U.S. Air Force

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LONDON, UK / ACCESSWIRE / June 5, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Lockheed Martin Corp. (NYSE: LMT). The Company announced on June 01, 2017, that it had bagged a contract from the U.S. Air Force for the Lot 15 production of the Joint Air-to-Surface Standoff Missile (JASSM)-Extended Range (ER) version. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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Details of the Production Contract

The Lot 15 contract includes the production of 360 JASSM-ER missiles, data, tooling and test equipment. The addition of the production of 360 JASSM-ER missiles for the U.S. Air Force, brings the total number of JASSM-ER missiles under contract to 910. The said missiles will be manufactured at the Company’s Troy, Alabama factory. Till date, 2,150 JASSMs have already been delivered from Lockheed Martin’s Troy manufacturing facility.

The sole-source Contract has been awarded by Air Force Life Cycle Management Center, Eglin Air Force Base, Florida and is expected to be completed by August 31, 2020.

Commenting on the receiving of the contract, Jason Denney, the Program Director of Long Range Strike Systems at Lockheed Martin Missiles and Fire Control said:

“We have focused our efforts on enhancing the capabilities of this formidable and highly reliable missile for US and allied warfighters. Lot 15 and future production lots will benefit from the enhancements and the many affordability initiatives we are executing.”

About the JASSM®-ER

Lockheed Martin’s JASSM is a long-range, conventional, air-to-ground, precision standoff missile and is designed to destroy high-value, well-defended, fixed and relocatable targets. The 2,000-pound class weapon with a penetrator/blast fragmentation warhead employs inertial navigation, the global positioning system and infrared sensors to seek and destroy its targets, similar to cruise missiles. Its stealthy airframe makes it extremely difficult to defeat and its significant standoff range keeps aircrews well out of danger from hostile air defense systems.

The JASSM-ER has more than two-and-a-half times the standoff range compared to JASSM’s standoff range. JASSM is integrated on the U.S. Air Force’s B-1B, B-2, B-52, F-16 and F-15E aircrafts while JASSM-ER is also carried by B-1B aircrafts.

Globally, JASSM is integrated on the F/A-18A/B and the F-18C/D aircrafts. The Royal Australian Air Force’s F/A-18s are equipped to carry JASSMs.

Additional contract

The U.S. Air Force also awarded a contract to Lockheed Martin for the sniper advanced targeting pod (ATP) and low altitude navigation and targeting infrared for night (LANTIRN) navigation pod sustainment. The contract was issued by Air Force Life Cycle Management Center, Robins Air Force Base, Georgia, and has been awarded to Lockheed Martin’s Missiles and Fire Control, Orlando, Florida and the total value of the contract is not to exceed $200 million.

The indefinite-delivery/indefinite-quantity contract and covers the depot-level repair and return of line replaceable units, LANTIRN Forward Imaging Navigation Set, and sniper ATP support equipment; data; program support; depot lay-in; program reviews; and on-call technical support. The contract is to be performed at Robins Air Force Base, Georgia; and Orlando, Florida, and is expected to be completed by March 31, 2022.

About Lockheed Martin

Bethesda, Maryland based Lockheed Martin is a global aerospace, defense, security, and advanced technologies Company that is engaged in the research, design, development, manufacture, integration, and sustainment of advanced technology systems, products and services. It is major supplier for the U.S. Department of Defense and U.S. federal government agencies. It has over 590+ facilities in 50 states across the US and its global footprint includes presence in over 70 nations and territories. It is supported by a global team of over 97,000 employees. The annual sales for the Company for FY16 were approximately $47.2 billion.

In May 2017, the Company signed a defense deal, valued at over $28 billion, with the Kingdom of Saudi Arabia for the supply of various integrated air and missile defense, combat ships, tactical aircrafts, and rotary wing technologies and programs.

Last Close Stock Review

On Friday, June 02, 2017, the stock closed the trading session at $281.76, slightly rising 0.28% from its previous closing price of $280.96. A total volume of 749.12 thousand shares have exchanged hands. Lockheed Martin’s stock price surged 5.23% in the last three months, 6.22% in the past six months, and 18.47% in the previous twelve months. Moreover, the stock rallied 12.73% since the start of the year. The stock is trading at a PE ratio of 22.61 and has a dividend yield of 2.58%. At Friday’s closing price, the stock’s net capitalization stands at $81.71 billion.

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