Ahead of Sequester, Lockheed Locks Down $334 Million F-35 Contract

By Rich Smith – Mar 1, 2013 at 9:45AM

NYSE: LMT

Lockheed Martin

Market Cap

$112B

Today's Change

(0.36%) $1.70

Current Price

$470.09

Price as of May 10, 2024, 10:28 a.m. ET

Funds will pay for parts necessary to build 35 fighter jets for U.S., U.K., and Norwegian militaries.

Just hours before the government's "sequester" plan went into effect, the Department of Defense announced Thursday that it has awarded Lockheed Martin (LMT 0.36%) a $333.8 million contract related to the F-35 Lightning II fighter jet.

The contract will fund purchase of long lead-time parts, materials, and components required to manufacture 35 "Low-Rate Initial Production Lot VIII" F-35s scheduled to be produced for multiple purchasers:

19 conventional takeoff and landing F-35As for the U.S. Air Force.
6 short takeoff / vertical landing F-35Bs for the U.S. Marine Corps.
4 Carrier Variant F-35Cs for the U.S. Navy.
4 F-35Bs for the British armed forces.
2 F-35As for the Norwegian armed forces.

This contract is set to be completed by February 2014.

link

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Lockheed Martin. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.