Featured Company News - Contract to Build LCS 27 Awarded to Lockheed Martin and FincantieriMarinette Marine
ACCESS Newswire
LONDON, UK / ACCESSWIRE / October 11, 2017 / Pro-Trader Daily looks 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 Company announced on October 09, 2017, that it had won a contract along with the FincantieriMarinette Marine (FMM) team from the US Navy to build additional LCS. The contract value within the 2017 congressional cost cap of $584 million per ship. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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FMM is the Midwest's only naval shipyard, and is the 14th Freedom-variant LCS ordered by the US Navy to date where the LCS 27 will be built.
Joe DePietro, Vice President of small surface combatants and ship systems, explained that the Freedom-variant was in serial production and has resulted in increased efficiency with each ship produced and working to maintain ship and program affordability.
Owing to the LCS program, Freedom-variant's LCS production has helped the local economy in the Midwest with millions of dollars. Thousands of direct and indirect jobs are supported in the United States owing to these programs along with more than 7,500 in Michigan and Wisconsin alone.
Lockheed Martin and FMM have already delivered five ships to the US Navy including the future USS Little Rock which was delivered to the Navy on September 25. There are seven ships in various stages of construction at FMM; with two more in long-lead production.
Other Contracts
On the same day of the announcement, Lockheed Martin announced receiving $337 million to supply Apache Modernized Target Acquisition Designation Sight/Pilot Night Vision Sensor (M‑TADS/PNVS) systems and services to the United States, United Kingdom, and the Kingdom of Saudi Arabia.
The awards are part of an initial task order under a new indefinite-delivery/indefinite-quantity (ID/IQ) contract signed with the US Army. The ID/IQ, with at least $2 billion in potential orders and a five-year period of performance, serves as the contracting vehicle to provide M‑TADS/PNVS systems and services to US and international customers.
Lockheed Martin is providing upgrade kits for the M‑TADS/PNVS Modernized Day Sensor Assembly (M-DSA) and Modernized Laser Range Finder Designator for the US Army. For the UK Ministry of Defence, the Company will deliver M-DSA upgrade kits for M-TADS/PNVS refurbishment as part of a remanufacture effort to upgrade D-model Apaches to E models. For the Saudi Ministry of National Guard, Lockheed Martin is providing M‑TADS/PNVS systems for new E-model Apaches.
About Lockheed Martin Corp.
Lockheed Martin is a global security and aerospace company, headquartered in Bethesda, Maryland, that employs approximately 97,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration, and sustainment of advanced technology systems, products, and services.
About FincantieriMarinette Marine
Founded in 1942, FincantieriMarinette Marine is located on the Menominee River flowage into Green Bay. The largest shipyard in the Midwest, FMM has delivered more than 1,300 vessels to the US Navy, US Coast Guard, and commercial customers, including the technologically advanced Littoral Combat Ship Freedom variant for the US Navy.
Last Close Stock Review
On Tuesday, October 10, 2017, the stock closed the trading session at $317.71, slightly climbing 0.13% from its previous closing price of $317.30. A total volume of 941.54 thousand shares have exchanged hands. Lockheed Martin's stock price soared 10.95% in the last three months, 17.55% in the past six months, and 36.19% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have surged 27.11%. The stock is trading at a PE ratio of 25.02 and has a dividend yield of 2.29%. At Tuesday's closing price, the stock's net capitalization stands at $91.66 billion.
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