Lockheed Martin Secures a Contract to Manufacture LRASM
Lockheed Martin Corporation LMT recently secured a modification contract valued at $13.3 million for the production of Long-Range Anti-Ship Missile's (LRASM) ninth lot. The award has been provided by the Air Force Life Cycle Management Center, Eglin Air Force Base, FL.The work related to this deal will be carried out in Orlando, FL, and is projected to be completed by Dec. 31, 2028. The latest modification brings the total value of the contract to $5.19 billion.
Lockheed Martin's LRASM is a precision-guided intelligent anti-ship missile designed to prevent a variety of surface threats at very long ranges. It can navigate semi-autonomously to a target and deliver a precise payload from a safe standoff range.Such notable features must have enabled Lockheed Martin to secure a number of contracts for these missiles from the Pentagon and other U.S. allies, the latest contract being an example of that.
Rising military conflicts, terrorism and border disputes have led nations to increase their focus on national security, particularly on missile defense systems, backed by the rapid development of advanced missile technologies over the last decade.This is likely to have prompted the Mordor Intelligence firm to forecast a compound annual growth rate of 5% for the global missiles and missile defense systems market during the 2025-2030 time period.Such market projections offer solid growth opportunities for Lockheed Martin, with its Missile and Fire Control unit being a recognized developer of high-performance missiles. The unit pursues business in more than 50 countries worldwide. Some of its major programs are the Patriot Advanced Capability-3 (PAC-3) and Terminal High Altitude Area Defense (THAAD) air and missile defense programs, in addition to the LRASM.
Other defense companies that are likely to enjoy the perks of the expanding global missiles and missile defense system market have been discussed below.Northrop Grumman Corporation NOC: Northrop Grumman provides high-speed, long-range strike weapons like the AARGM-ER, which is a supersonic, air-launched tactical missile system. It also develops and builds advanced missile defense technology, ranging from command systems to directed energy weapons, advanced munitions and powerful sensors.The company's long-term (three to five years) earnings growth rate is 4.2%. The Zacks Consensus Estimate for NOC's 2025 sales indicates year-over-year growth of 3%.RTX Corporation RTX: It is known for its missile defense systems like the Patriot and SM-6, which are in high demand globally. RTX also provides advanced sensors and interceptors to identify, track and defeat threats as part of a layered missile defense.The company's long-term earnings growth rate is 9.7%. The Zacks Consensus Estimate for RTX's 2025 sales indicates year-over-year growth of 4.4%.The Boeing Company BA: It manufactures various missile defense systems, including the Ground-based Midcourse Defense, Aegis Ballistic Missile Defense and Avenger. Boeing-built and supported air and missile defense systems have been protecting its customers for nearly 25 years against threats ranging from intercontinental ballistic missiles to hostile aircraft.The company has a long-term earnings growth rate of 17.4%. The Zacks Consensus Estimate for BA's 2025 sales indicates year-over-year growth of 25.7%.
Shares of LMT have lost 0.2% in the past year against the industry's 13.3% growth.
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LMT currently carries a Zacks Rank #4 (Sell).You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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