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Lockheed Martin (LMT) Clinches $126M U.S. Navy Contract
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Lockheed Martin Corp.’s (LMT - Free Report) Mission Systems and Training division recently won a contract from the U.S. Navy for engineering services and support of the Integrated Submarine Imaging Systems (“ISIS”) program. This modification contract is valued at $126.3 million.
Per the contract, Lockheed Martin is entailed to provide services that include design, development, testing, reverse engineering, technology insertion/refreshment, engineering services, field engineering services and system support.
The ISIS program is mainly engaged in providing mission critical, all-weather, visual and electronic search, digital image management, indication, warning, and platform architecture interface capabilities. These are deployed for SSN 688 (Los Angeles class); SSN 21 (Seawolf class); SSGN (Ohio class); SSBN (Ohio class); and SSN 774 (Virginia class) submarines, with potential for other submarines.
The contract work will be carried out in Manassas, VA; Virginia Beach, VA; Northampton, MA; Fairfax, VA; Arlington, VA; and Newport, RI. It is expected to run through Sep 2017.
Headquartered in Washington, DC, Lockheed Martin’s Mission Systems and Training business carry out some of its high-profile programs comprising the Aegis Combat System, Littoral Combat Ship, MH-60 helicopter avionics, as well as military and commercial orders.
This division’s second-quarter sales of $3.3 billion increased 53% from the prior-year quarter. The upside primarily reflects higher revenues from Sikorsky. However, operating profit decreased 23% year over year to $202 million and operating margin shrunk 600 basis points to 6.1%.
The company expects Mission Systems and Training’s 2016 net sales to advance in the mid-double digit percentage range compared to 2015. This is mainly attributable to the addition of Sikorsky programs for a full year, partially offset by a decline in volume due to the completion of certain programs.
Zacks Rank & Key Picks
Lockheed Martin currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the same space include Engility Holdings, Inc. , Ducommun Inc. (DCO - Free Report) and General Dynamics Corp. (GD - Free Report) . While Engility Holdings and Ducommun sport a Zacks Rank #1 (Strong Buy), General Dynamics carries a Zacks Rank #2 (Buy).
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Lockheed Martin (LMT) Clinches $126M U.S. Navy Contract
Lockheed Martin Corp.’s (LMT - Free Report) Mission Systems and Training division recently won a contract from the U.S. Navy for engineering services and support of the Integrated Submarine Imaging Systems (“ISIS”) program. This modification contract is valued at $126.3 million.
Per the contract, Lockheed Martin is entailed to provide services that include design, development, testing, reverse engineering, technology insertion/refreshment, engineering services, field engineering services and system support.
The ISIS program is mainly engaged in providing mission critical, all-weather, visual and electronic search, digital image management, indication, warning, and platform architecture interface capabilities. These are deployed for SSN 688 (Los Angeles class); SSN 21 (Seawolf class); SSGN (Ohio class); SSBN (Ohio class); and SSN 774 (Virginia class) submarines, with potential for other submarines.
The contract work will be carried out in Manassas, VA; Virginia Beach, VA; Northampton, MA; Fairfax, VA; Arlington, VA; and Newport, RI. It is expected to run through Sep 2017.
Headquartered in Washington, DC, Lockheed Martin’s Mission Systems and Training business carry out some of its high-profile programs comprising the Aegis Combat System, Littoral Combat Ship, MH-60 helicopter avionics, as well as military and commercial orders.
This division’s second-quarter sales of $3.3 billion increased 53% from the prior-year quarter. The upside primarily reflects higher revenues from Sikorsky. However, operating profit decreased 23% year over year to $202 million and operating margin shrunk 600 basis points to 6.1%.
The company expects Mission Systems and Training’s 2016 net sales to advance in the mid-double digit percentage range compared to 2015. This is mainly attributable to the addition of Sikorsky programs for a full year, partially offset by a decline in volume due to the completion of certain programs.
Zacks Rank & Key Picks
Lockheed Martin currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the same space include Engility Holdings, Inc. , Ducommun Inc. (DCO - Free Report) and General Dynamics Corp. (GD - Free Report) . While Engility Holdings and Ducommun sport a Zacks Rank #1 (Strong Buy), General Dynamics carries 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 >>