Pentagon Awards Lockheed $64 Million in Missile, F-35 Contracts

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Defense contractor Lockheed Martin (NYSE: LMT  ) won a pair of Pentagon contracts Wednesday, valued at $64.1 million in aggregate.

The larger of the two contracts, a $54.3 million cost-plus-fixed-fee contract modification to a previously awarded contract, calls on Lockheed to conduct additional surface-launch risk-reduction work before executing a pair of planned flight demonstrations under the Long-Range Anti-Ship Missile, or LRASM, demonstration program. LRASM is a joint DARPA/Office of Naval Research project aimed at developing new standoff anti-ship strike weapon technologies. Lockheed should complete its risk-reduction work by Dec. 31, 2014.

The second, smaller contact is a not-to-exceed $9.8 million "undefinitized" modification to a previously awarded low-rate initial production, or LRIP, contract. Lockheed will be asked to perform advance acquisition work on the Autonomic Logistics Information Systems -- described as "the IT backbone" of the F-35 Lightning II fighter jet -- installed in LRIP "Lot 6" F-35s that Lockheed is producing, destined for the Royal Australian Air Force. Lockheed has a targeted completion date of January 2019 for this work.

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7/1/2016 4:02 PM
LMT $249.35 Up +1.18 +0.48%
Lockheed Martin CAPS Rating: ****