LMT - Lockheed Martin awarded $540.1M Navy contract modification

• Lockheed Martin ( NYSE: LMT ) was awarded a not-to-exceed $524.1M undefinitized modification to a previously awarded fixed-price incentive advanced acquisition contract.
• The modification increases the ceiling to procure long-lead time materials, parts, components, and effort for the production of seven Lot 15 F-35A aircraft, two Lot 15 F-35B aircraft, seven Lot 16 F-35A, and two Lot 16 F-35B aircraft for the government of Italy.
• Work is expected to be completed in June 2025.
• Non-U.S. Department of Defense participant funds in the amount of $524.1Mwill be obligated at the time of award, none of which will expire at the end of the current fiscal year.
• The Naval Air Systems Command is the contracting activity.

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