Lockheed Martin was awarded an $181.74M modification to a previously awarded firm-fixed-price contract. This modification provides for the production, delivery and integration of 24 Airborne Low Frequency Sonars, or ALFS, for the government of India; eight ALFS for the Navy and seven ALFS for the government of Denmark, into MH-60R Seahawk aircraft.
Work is expected to be completed by December 2024. FY18 aircraft procurement funds in the amount of $37.28M and Foreign Military Sales funds in the amount of $144.46M will be obligated at time of award, $37.28M of which will expire at the end of the current fiscal year. The Naval Air Systems Command is the contracting activity. The Naval Air Systems Command is the contracting activity.
On July 30, 2020, On July 30, the U.S government submitted the Request for Proposal (RFP) response for the Lockheed Martin (NYSE: LMT) built F-35 to Canada in support of their Future Fighter Capability Project.
Canada has been a valued partner since the inception of the Joint Strike Fighter competition. Canadian industry plays an integral role in the global F-35 supply chain and has gained significant technical expertise over the past 15-plus year involvement in the F-35 production.
“We are extremely proud of our longstanding partnership with Canada, which has played a key role in the F-35’s development,” said Greg Ulmer, F-35 Program executive vice president. “The 5th Generation F-35 would transform the Royal Canadian Air Force fleet and deliver the capabilities necessary to safeguard Canadian skies. The F-35’s unique mix of stealth and sensor technology will enable the Royal Canadian Air Force to modernize their contribution to NORAD operations, ensure Arctic sovereignty and meet increasingly sophisticated global threats.”
The program will continue to bring manufacturing and production opportunities to Canada, with an estimated 150,000 jobs supported over the life of the program. The F-35 program connects Canadian industry to a global supply chain supporting a growing fleet that will deliver more than 3,200 aircraft and delivers sustainment well past 2060.
To date, the F-35 operates from 24 bases worldwide. More than 1,040 pilots and over 9,340 maintainers are trained. Nine nations operate the F-35 from their home soil and six services have employed F-35s in combat operations.
On July 24, 2020, Argus analyst John Eade raised the firm’s price target on Lockheed Martin to $450 from $425 and keeps a Buy rating on the shares. The analyst points to the recent acceleration in the government spending on defense while also offering a positive view on the company’s international revenue diversification. Eade adds that the ongoing geopolitical tensions should benefit Lockeed’s sales and earnings going forward.