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Lockheed Martin Corporation (LMT) - free report >>
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Lockheed Martin (LMT) Wins $480M Air-Launched Weapons Deal
Lockheed Martin Corp.’s (LMT - Free Report) Missiles and Fire Control (MFC) unit recently clinched a $480-million contract for providing critical designing, review, test and production readiness support for the Air Launched Rapid Response Weapon (ARRW). The contract was awarded by the Air Force Life Cycle Management Center, Eglin Air Force Base, FL.
Work related to the deal will be performed in Orlando, FL and is expected to get completed by Nov 30, 2021. Lockheed Martin will utilize fiscal 2018 research, development, test and evaluation funds for completing the task.
Our View
Lockheed Martin’s MFC unit has a strong history of acquiring major contracts from both its U.S. based and overseas clients. Recently, Sweden made official commitments to purchase Lockheed’s Patriot Advanced Capability-3 (PAC-3) Missile Segment Enhancement (MSE) missiles and related support equipment.
Moreover, the company’s MFC unit was successful in clinching some pivotal contracts in the second quarter, which, in turn, boosted this unit’s revenue growth. Evidently, this segment recorded second-quarter 2018 net
sales of $2.08 billion, which reflected a healthy 16.9% improvement from the year-ago quarter. In line with this, we may expect the latest contract to boost MFC’s revenue growth in the days to come, as well.
Meanwhile, the fiscal 2019 defense budget was approved by the U.S. Senate this July, which provisioned for a spending plan of $6 billion for varied missile programs. Prominent missile suppliers along with those supporting missile defense systems like Raytheon , Northrop Grumman (NOC - Free Report) and General Dynamics (GD - Free Report) alongside Lockheed Martin are expected to gain significantly from this budgetary provision.
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