Defense contractor Lockheed Martin Corporation (LMT) has received a contract from the Naval Air Systems Command (NAVAIR) to provide maintenance services for the Tactical Tomahawk Weapons Control System (TTWCS), one of the three major components that comprise the Tomahawk Weapons System.
Additionally, as part of the latest contract, Lockheed Martin will also provide the software development, systems engineering, software and hardware deployment support needed to upgrade TTWCS.
The latest contract awarded to Lockheed Martin is the exercise of a $13 million option by NAVAIR on an existing software development contract to sustain TTWCS. The company said if the remaining three options under the existing contract are exercised the total contract value could reach $50.2 million. The company said it will perform work under the contract at its facility in Valley Forge, Pennsylvania.
The Tactical Tomahawk Weapons Control System is a critical system that integrates the launch hardware and software to provide weapon control for variants of the Tomahawk Land Attack Missile. Ship classes programmed for the Tomahawk capability include all Navy cruisers, all Navy destroyers and all attack and guided missile class submarines. Integration of the Tomahawk Weapons System with these various launch platforms provides the fleet with an enhanced capability that could improve Navy's vision.
Lockheed Martin has a long history of technical excellence and will continue to be a key partner in supporting the Tomahawk Weapons System and the fleet warfighters. For decades, Lockheed Martin has worked closely with the Tomahawk Weapons System program supporting all versions of the Tomahawk Weapons Control System.
As part of the Tomahawk System Development Activity, Lockheed Martin, together with Navy labs in Dahlgren, Virginia; Newport, Rhode Island; and Port Hueneme, California, helps in maintaining current fleet released products and develops new products that address emerging fleet priorities.
Based in Bethesda, Maryland, Lockheed Martin is a global security company principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The company’s major customers include the U.S. government, foreign governments, and other commercial buyers.
Lockheed Martin currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. Considering the fundamentals, we are maintaining our Neutral recommendation on the stock. Reductions in defense budget, which are likely to hurt the company’s profitability, induce us to remain on the sidelines.
The cautious outlook is reflected across the board in the defense and aerospace industry. Lockheed Martin’s major peers General Dynamics Corporation (GD) and The Boeing Company (BA) are also retaining a short-term Zacks #3 Rank.
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