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Lockheed (LMT) Wins $491M Deal for Aegis Weapon System
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Lockheed Martin Corp.’s (LMT - Free Report) business unit, Mission Systems and Training has won a modification contract from the U.S. Navy for Aegis Weapon System MK-7.
The contract is valued at $490.6 million. Contracting activity is the Naval Sea Systems Command, Washington, District of Columbia.
Per the contract, Lockheed will produce MK-7 ship sets and related spares, provide engineering efforts and support equipment, along with efforts to support production, system testing, shipyard installation and associated requirements.
The latest modification contract includes purchases for the Navy of about 16%, 32% for the Government of Japan and 52% for the government of the Republic of Korea under the foreign military sales (FMS) program.
The purpose of the contract is to add integrated air and missile defense (IAMD) capabilities to the global Aegis fleet. It will support the Republic of Korea Navy and the Japan Maritime Self-Defense Force, in addition to supporting the U.S. Navy’s Arleigh Burke-class shipbuilding program requirements.
Work is scheduled to be complete by May 2022. The majority of the work will be performed in Moorestown, NJ, while the rest will be carried out in Clearwater, FL and Owego, NY. The contract will use fiscal 2010 and 2016 shipbuilding and conversion (Navy), and FMS case funds.
Lockheed Martin is the largest U.S. defense contractor with a platform-centric focus that guarantees a steady inflow of follow-on orders from a leveraged presence in the Army, Air Force, Navy and IT programs. The company continues to witness robust demand in the international market for its programs. It generated 21% of the total sales from international customers in 2015 (up from 19.4% in 2014).
Lockheed Martin currently has a Zacks Rank #3 (Hold).
Stocks to Consider
A few better-ranked stocks in the aerospace and defense space include Engility Holdings, Inc. , General Dynamics Corporation (GD - Free Report) and Aerojet Rocketdyne Holdings, Inc. . While Engility Holdings sports a Zacks Rank #1 (Strong Buy), both General Dynamics and Aerojet Rocketdyne carry a Zacks Rank #2 (Buy).
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Lockheed (LMT) Wins $491M Deal for Aegis Weapon System
Lockheed Martin Corp.’s (LMT - Free Report) business unit, Mission Systems and Training has won a modification contract from the U.S. Navy for Aegis Weapon System MK-7.
The contract is valued at $490.6 million. Contracting activity is the Naval Sea Systems Command, Washington, District of Columbia.
Per the contract, Lockheed will produce MK-7 ship sets and related spares, provide engineering efforts and support equipment, along with efforts to support production, system testing, shipyard installation and associated requirements.
The latest modification contract includes purchases for the Navy of about 16%, 32% for the Government of Japan and 52% for the government of the Republic of Korea under the foreign military sales (FMS) program.
The purpose of the contract is to add integrated air and missile defense (IAMD) capabilities to the global Aegis fleet. It will support the Republic of Korea Navy and the Japan Maritime Self-Defense Force, in addition to supporting the U.S. Navy’s Arleigh Burke-class shipbuilding program requirements.
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Work is scheduled to be complete by May 2022. The majority of the work will be performed in Moorestown, NJ, while the rest will be carried out in Clearwater, FL and Owego, NY. The contract will use fiscal 2010 and 2016 shipbuilding and conversion (Navy), and FMS case funds.
Lockheed Martin is the largest U.S. defense contractor with a platform-centric focus that guarantees a steady inflow of follow-on orders from a leveraged presence in the Army, Air Force, Navy and IT programs. The company continues to witness robust demand in the international market for its programs. It generated 21% of the total sales from international customers in 2015 (up from 19.4% in 2014).
Lockheed Martin currently has a Zacks Rank #3 (Hold).
Stocks to Consider
A few better-ranked stocks in the aerospace and defense space include Engility Holdings, Inc. , General Dynamics Corporation (GD - Free Report) and Aerojet Rocketdyne Holdings, Inc. . While Engility Holdings sports a Zacks Rank #1 (Strong Buy), both General Dynamics and Aerojet Rocketdyne carry a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>