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Lockheed (LMT) Wins $63M Deal to Support F-35 Program
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Lockheed Martin Corp.’s (LMT - Free Report) Aeronautics business division recently secured a modification contract to provide non-recurring and recurring labor associated with aircraft modification efforts for F-35 jets. The deal includes foreign military sales (FMS).
Valued at $63 million, the contract was awarded by the Naval Air Systems Command, Patuxent River, MD. Work related to the deal will be executed in Ft. Worth, TX, and is expected to get completed by December 2021.
Demand Growth Aids F-35 Program
Rapid rise in terrorism and adverse geopolitical situations across the world has prompted nations to stockpile weaponries to stay ready in case of a worst-case scenario. To this end, it is imperative to mention the fact that combat aircraft constitute an integral part of a nation’s defense arsenal and within the combat aircraft group, Lockheed’s F-35 enjoys a pivotal position.
In fact, supported by an international team of leading aerospace majors, such as Northrop Grumman (NOC - Free Report) , BAE Systems (BAESY - Free Report) and Pratt & Whitney, a unit of Raytheon Technologies (RTX - Free Report) , F-35 jets can cater to a worldwide combat aircraft market. Notably, Northrop Grumman rendered its expertise in carrier aircraft and low-observable stealth technology to this program. Also, BAE Systems’ short takeoff and vertical landing experience, and air systems sustainment supported the jet’s combat capabilities, while Pratt & Whitney offered its combat-proven engine to this jet.
Such important additions have enabled the F-35 jet to dominate the combat aircraft market, buoyed by solid demand as evident from the program’s frequent contract wins, both from Pentagon and other U.S. allies. The latest contract win is another example of that.
Our View
The fiscal 2021 defense budget reflected a solid spending provision of $11.4 billion specifically for the F-35 program. No doubt, such a stupendous budgetary amendment resulted in solid contract wins for Lockheed Martin’s F-35 program.
In fact, a steady order flow for the F-35 program has always been a key growth catalyst for Lockheed’s Aeronautics business unit. We believe the latest contract win will also contribute to Aeronautics unit’s revenue growth in the coming days.
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Lockheed (LMT) Wins $63M Deal to Support F-35 Program
Lockheed Martin Corp.’s (LMT - Free Report) Aeronautics business division recently secured a modification contract to provide non-recurring and recurring labor associated with aircraft modification efforts for F-35 jets. The deal includes foreign military sales (FMS).
Valued at $63 million, the contract was awarded by the Naval Air Systems Command, Patuxent River, MD. Work related to the deal will be executed in Ft. Worth, TX, and is expected to get completed by December 2021.
Demand Growth Aids F-35 Program
Rapid rise in terrorism and adverse geopolitical situations across the world has prompted nations to stockpile weaponries to stay ready in case of a worst-case scenario. To this end, it is imperative to mention the fact that combat aircraft constitute an integral part of a nation’s defense arsenal and within the combat aircraft group, Lockheed’s F-35 enjoys a pivotal position.
In fact, supported by an international team of leading aerospace majors, such as Northrop Grumman (NOC - Free Report) , BAE Systems (BAESY - Free Report) and Pratt & Whitney, a unit of Raytheon Technologies (RTX - Free Report) , F-35 jets can cater to a worldwide combat aircraft market. Notably, Northrop Grumman rendered its expertise in carrier aircraft and low-observable stealth technology to this program. Also, BAE Systems’ short takeoff and vertical landing experience, and air systems sustainment supported the jet’s combat capabilities, while Pratt & Whitney offered its combat-proven engine to this jet.
Such important additions have enabled the F-35 jet to dominate the combat aircraft market, buoyed by solid demand as evident from the program’s frequent contract wins, both from Pentagon and other U.S. allies. The latest contract win is another example of that.
Our View
The fiscal 2021 defense budget reflected a solid spending provision of $11.4 billion specifically for the F-35 program. No doubt, such a stupendous budgetary amendment resulted in solid contract wins for Lockheed Martin’s F-35 program.
In fact, a steady order flow for the F-35 program has always been a key growth catalyst for Lockheed’s Aeronautics business unit. We believe the latest contract win will also contribute to Aeronautics unit’s revenue growth in the coming days.
Price Movement and Zacks Rank
Shares of this Zacks Rank #3 (Hold) company have lost 6.2% in the past year compared with the industry’s decline of 25.7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>