Corporate News Blog - Lockheed Martin Receives $5.6 Billion to Finance F-35 Batch
Research Desk Line-up: AeroVironment Post Earnings Coverage
LONDON, UK / ACCESSWIRE / July 11, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Lockheed Martin Corp. (NYSE: LMT), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=LMT. The global aerospace, defense, security and advanced Technologies Company announced on July 07, 2017, that the Company has received an interim sum of $5.6 billion to finance the construction of 148 F-35 Joint Strike Fighter jets for the US military and its allies. The US Defense Department anticipates spending $391 billion for the development of the planes and purchase of 2,457 jets. The agreement permitted Lockheed Martin to continue the production of the F-35 jets, while the Company is still in the process of finalizing the terms of the 11th contract with Pentagon. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Details of the Agreement
This agreement requires the construction of 74 fiscal 2017 aircraft, including 48 F-35A aircraft for the Air Force, 18 F-35B aircraft for the Marine Corps, and eight F-35C aircraft for the Navy and Marine Corps, since the agreement encloses the requirements for the Air Force, Marine Corps, Navy, international partner nations, and foreign military sales (FMS) customers. As per the release, out of the total work allotted around 55% will be performed in Fort Worth, Texas, while 15% at El Segundo, California, 10% in Warton, United Kingdom, and 5% each in Orlando, Florida, Nashua, New Hampshire, Baltimore, Maryland, and Cameri, Italy.
The agreement is also entailed to add funding to previously awarded fiscal 2015 and 2016 aircraft contract line item numbers for the US Services, combining the purchases for the Air Force (61%), Navy (26%), and the Marine Corps (13%). Thetask is expected to be completed in December 2020. As per the official press release, an undefinitized not-to-exceed contract modification to fund procurement of 50 F-35 Partner and FMS aircraft for $2.2 billion is anticipated within the month of July 2017.
About Lockheed Martin Corporation
Established in 1994, Lockheed Martin Corporation is engaged in the research, design, development, manufacture, integration, and sustainment of advanced technology systems, products and services. The Company's key subsidiaries include Loral Corporation, United Space Alliance, Aculight Corporation, and Sippican. It operates through four segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space Systems. Headquartered in Bethesda, Maryland, Lockheed employs around 97,000 people across the world.
Last Close Stock Review
Lockheed Martin's share price finished yesterday's trading session at $285.57, rising slightly by 0.13%. A total volume of 1.35 million shares has exchanged hands, which was higher than the 3-month average volume of 919.15 thousand shares. The Company's stock price rallied 5.68% in the last three months, 10.75% in the past six months, and 13.37% in the previous twelve months. Additionally, the stock surged 14.26% since the start of the year. Shares of the Company have a PE ratio of 22.92 and have a dividend yield of 2.55%. The stock currently has a market cap of $83.19 billion.
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