Lockheed Martin Corp. LMT won a modification contract from the U.S. Air Force for its Joint Air-to-Surface Standoff Missile (JASSM) program. The contract is valued at $302.2 million and contracting activity is Air Force Life Cycle Management Center, Eglin Air Force Base, FL.
Per the contract, Lockheed will provide JASSM production as well as system upgrades, integration, sustainment, management and logistical support.
The contract also includes foreign military sales to Poland and Finland.
Work is scheduled to be complete by Jun 29, 2019 and will be performed in Troy, AL.
JASSM is a stealthy, precision-guided cruise missile with a penetrating blast-fragmentation warhead. These missiles are designed with infrared seekers and enhanced digital anti-jam Global Positioning System. They are integrated on the B-1, B-2, B-52, F-16 and F-15E jets of the Air Force. They are also carried on the F/A-18A/B and F-18C/D aircraft worldwide.
Lockheed has been manufacturing the JASSM cruise missiles at a Troy, AL-based plant since the late 1990s. The company has won orders for 2,106 missiles through 12 production lots, of which over 1,700 have been delivered.
JASSM Extended Range (ER) – a newer version of JASSM – can also be installed on the F-16 aircraft since they are identical in size and capability. However, JASSM-ER is more fuel efficient and is powered by a turbo-fan engine instead of a turbo-jet engine. It can travel more than twice the distance of JASSM.
We remind investors that Lockheed Martin reported stellar third quarter results with better-than-expected earnings along with higher revenues, solid margins and strong cash flows, buoyed by robust sales of its F-35 Joint Strike Fighter. The solid quarterly results have enabled it to lift its 2015 guidance for sales, operating profit, and EPS.
Zacks Rank
Lockheed Martin currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the aerospace and defense sector include Leidos Holdings, Inc. LDOS, General Dynamics Corporation GD and The Boeing Company BA. While Leidos sports a Zacks Rank #1 (Strong Buy), General Dynamics and Boeing carry a Zacks Rank #2 (Buy).
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