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Lockheed (LMT) Wins $64M FMS Deal to Support F-16 Program
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Lockheed Martin Corp. (LMT - Free Report) recently secured a Foreign Military Sales (FMS) contract worth $64.3 million involving the F-16 aircraft. The contract was awarded by the Air Force Life Cycle Management Center, Hanscom Air Force Base, MA.
Per the deal terms, the company will conduct development, integration, test and delivery of the Joint Mission Planning System Unique Planning Component/Mission Planning Environment software updates for the F-16 jets. Work related to this contract will be carried out in Owego, NY, and is expected to be completed by January 2029.
Importance of the F-16 Jets
Over the past decade, a rapid rise in global terrorism and adverse geopolitical situations across borders has boosted demand for defense products, with combat aircraft constituting a major portion of that portfolio. To this end, it is imperative to mention that the F-16 Falcon jets have significantly grown in importance on a global scale over the past few years.
A total number of 4,588 aircraft have been delivered to customers across 29 nations along with numerous upgrades. Over the past couple of years, the F-16 has witnessed significant development with nations like Taiwan, Bulgaria, Morocco and Bahrain signing agreements to procure new F-16 aircraft. Due to the rising importance, Lockheed Martin introduced F-16 Block 70/72 in 2020, which is the most advanced F-16 aircraft, combining numerous capabilities and structural upgrades.
Such advancements might have been ushering in contracts from Pentagon and other U.S. allies, thus boosting Lockheed Martin’s profit.
A Robust Defense Budget to Boost Prospects
The U.S. government’s fiscal 2021 defense budget includes a significant spending plan of $56.9 billion on military aircraft. Such a stupendous budgetary amendment indicates massive growth prospects for Lockheed Martin’s F-16 program in the days ahead.
Alongside Lockheed Martin, such overwhelming projections will boost prominent military aircraft manufacturers like Boeing (BA - Free Report) , Textron (TXT - Free Report) and Northrop Grumman (NOC - Free Report) in the days to come, which manufacture the advanced F-15, Beechcraft T-6C Texan II and B-2 Stealth Bomber, respectively, along with other fighter aircraft.
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
Image: Bigstock
Lockheed (LMT) Wins $64M FMS Deal to Support F-16 Program
Lockheed Martin Corp. (LMT - Free Report) recently secured a Foreign Military Sales (FMS) contract worth $64.3 million involving the F-16 aircraft. The contract was awarded by the Air Force Life Cycle Management Center, Hanscom Air Force Base, MA.
Per the deal terms, the company will conduct development, integration, test and delivery of the Joint Mission Planning System Unique Planning Component/Mission Planning Environment software updates for the F-16 jets. Work related to this contract will be carried out in Owego, NY, and is expected to be completed by January 2029.
Importance of the F-16 Jets
Over the past decade, a rapid rise in global terrorism and adverse geopolitical situations across borders has boosted demand for defense products, with combat aircraft constituting a major portion of that portfolio. To this end, it is imperative to mention that the F-16 Falcon jets have significantly grown in importance on a global scale over the past few years.
A total number of 4,588 aircraft have been delivered to customers across 29 nations along with numerous upgrades. Over the past couple of years, the F-16 has witnessed significant development with nations like Taiwan, Bulgaria, Morocco and Bahrain signing agreements to procure new F-16 aircraft. Due to the rising importance, Lockheed Martin introduced F-16 Block 70/72 in 2020, which is the most advanced F-16 aircraft, combining numerous capabilities and structural upgrades.
Such advancements might have been ushering in contracts from Pentagon and other U.S. allies, thus boosting Lockheed Martin’s profit.
A Robust Defense Budget to Boost Prospects
The U.S. government’s fiscal 2021 defense budget includes a significant spending plan of $56.9 billion on military aircraft. Such a stupendous budgetary amendment indicates massive growth prospects for Lockheed Martin’s F-16 program in the days ahead.
Alongside Lockheed Martin, such overwhelming projections will boost prominent military aircraft manufacturers like Boeing (BA - Free Report) , Textron (TXT - Free Report) and Northrop Grumman (NOC - Free Report) in the days to come, which manufacture the advanced F-15, Beechcraft T-6C Texan II and B-2 Stealth Bomber, respectively, along with other fighter aircraft.
Price Performance and Zacks Rank
This Zacks Rank #3 (Hold) stock has lost 19.5% in the past year compared with the industry’s decline of 24.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>