Lockheed Martin Wins $875 Million in F-35, Other Defense Contracts

The Department of Defense awarded nine separate defense contracts Tuesday, worth $1.04 billion in total. The big winner of the day was Lockheed Martin (NYSE: LMT  ) , which took home 33% of the contract wins -- and 84% of the funds on offer.

Lockheed's headline win of the day was a massive $698 million fixed-price-incentive, firm target, advanced acquisition contract to begin procuring long-lead parts, materials, and components needed to build 57 Low-Rate Initial Production, or LRIP, Lot IX F-35 Lightning II Joint Strike Fighters. These will include:

  • 26 F-35A Conventional Takeoff and Landing aircraft, or CTOLs, for the U.S. Air Force.
  • Six F-35B Short Takeoff Vertical Landing aircraft, or STOVLs, for the U.S. Marine Corps.
  • Two F-35C Carrier Variant aircraft for the U.S. Navy.
  • Seven F-35A CTOL aircraft for Israel.
  • Six F-35A CTOL aircraft for Norway.
  • Six F-35B STOVL for the United Kingdom.
  • Two CTOL aircraft for Japan.
  • One F-35A CTOL for Italy.
  • One F-35B STOVL aircraft for Italy. 

These funds should cover Lockheed's work on LRIP Lot IX through May 2015.

Lockheed also won a $93 million option exercise to fund continued work on the Aegis Ashore Missile Defense System to be based in Poland, and to provide multi-year procurement funding for Aegis Weapon System MK 7 equipment sets. This contract will run through September 2021.

And finally, Lockheed won an $84.3 million sole-source, cost-plus-incentive-fee contract funding work on the C-5 Core Mission Computer/Color Weather Radar Engineering, Manufacturing and Development Program for the U.S. Air Force. This contract runs through March 31, 2017.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2890193, ~/Articles/ArticleHandler.aspx, 8/29/2014 2:29:57 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement