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Lockheed Martin (LMT) Wins $287M Deal for C-130J Aircraft
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Lockheed Martin Corp. (LMT - Free Report) has won a modification contract from the U.S. Air Force for the C-130J type aircraft. The contract is valued at $287.2 million. Contracting activity is the Air Force Life Cycle Management Center, Wright-Patterson Air Force Base, OH.
Per the latest modification, Lockheed Martin will manufacture five aircraft in addition to the number of aircraft specified in the base contract.
Work is scheduled to be complete by Apr 30, 2020 and will be performed in Marietta, GA. The contract will use fiscal 2014, 2015 and 2016 Air Force aircraft procurement funds; fiscal 2016 Marine Corps Navy aircraft procurement funds; fiscal 2016 Marine Corps Navy aircraft advance procurement funds; and fiscal 2015 overseas contingency operations funds.
C-130J Super Hercules, the latest model in Lockheed Martin’s Hercules family, is a four-engine, turboprop, military transport aircraft. The Hercules family boasts the longest continuous production run of a military aircraft in history. The C-130J's crew includes just two pilots and one loadmaster as no navigator or flight engineer is required on the aircraft.
The J-model is almost similar to the classic Hercules in terms of general appearance. However, it uses updated technology like the new Rolls-Royce AE 2100 D3 turboprops with Dowty R391 composite scimitar propellers, digital avionics and reduced crew requirements. These improvements boosted its performance over its C-130E/H predecessors, such as 40% greater range, 21% higher maximum speed and 41% shorter take-off distance.
Meanwhile, the company has also won a modification contract from the U.S. Army to continue offering engineering, materials and equipment, personnel, testing, technical management and logistical support for upgrading close combat tactical trainer systems. Valued at $147.1 million, the contract was awarded by the Army Program Executive Office, Simulation, Training and Instrumentation, Orlando, FL. Work is scheduled to be complete by Sep 28, 2017.
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.
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 Ducommun Inc. (DCO - Free Report) . While Engility and Ducommun sport a Zacks Rank #1 (Strong Buy), General Dynamics carries a Zacks Rank #2 (Buy).
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Lockheed Martin (LMT) Wins $287M Deal for C-130J Aircraft
Lockheed Martin Corp. (LMT - Free Report) has won a modification contract from the U.S. Air Force for the C-130J type aircraft. The contract is valued at $287.2 million. Contracting activity is the Air Force Life Cycle Management Center, Wright-Patterson Air Force Base, OH.
Per the latest modification, Lockheed Martin will manufacture five aircraft in addition to the number of aircraft specified in the base contract.
Work is scheduled to be complete by Apr 30, 2020 and will be performed in Marietta, GA. The contract will use fiscal 2014, 2015 and 2016 Air Force aircraft procurement funds; fiscal 2016 Marine Corps Navy aircraft procurement funds; fiscal 2016 Marine Corps Navy aircraft advance procurement funds; and fiscal 2015 overseas contingency operations funds.
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C-130J Super Hercules, the latest model in Lockheed Martin’s Hercules family, is a four-engine, turboprop, military transport aircraft. The Hercules family boasts the longest continuous production run of a military aircraft in history. The C-130J's crew includes just two pilots and one loadmaster as no navigator or flight engineer is required on the aircraft.
The J-model is almost similar to the classic Hercules in terms of general appearance. However, it uses updated technology like the new Rolls-Royce AE 2100 D3 turboprops with Dowty R391 composite scimitar propellers, digital avionics and reduced crew requirements. These improvements boosted its performance over its C-130E/H predecessors, such as 40% greater range, 21% higher maximum speed and 41% shorter take-off distance.
Meanwhile, the company has also won a modification contract from the U.S. Army to continue offering engineering, materials and equipment, personnel, testing, technical management and logistical support for upgrading close combat tactical trainer systems. Valued at $147.1 million, the contract was awarded by the Army Program Executive Office, Simulation, Training and Instrumentation, Orlando, FL. Work is scheduled to be complete by Sep 28, 2017.
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.
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 Ducommun Inc. (DCO - Free Report) . While Engility 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 >>