Lockheed Martin Wins $71M Long Range Anti-Ship Missile Contract

Lockheed Martin (NYSE: LMT) hasreceived a $71 million Long Range Anti-Ship Missile (LRASM) modificationcontract from the U.S. Navy to conduct air- and surface-launched flight testsand other risk reduction activities.   Under this contract, an additional air-launched LRASM flight test will beconducted from a B-1B in 2013. There are already two air-launched flight testsscheduled for this year as part of the Phase 2 LRASM contract awarded in 2010.The contract also includes two surface-launched LRASM flight tests scheduledfor 2014. Risk reduction efforts, such as electromagnetic compatibilitytesting of the missile and follow-on captive carry sensor suite missions, arealso included under the contract.LRASM is an autonomous, precision-guided anti-ship standoff missile based onthe successful JASSM-ER, and is designed to meet the needs of U.S. Navy andAir Force warfighters. LRASM is in development with the Defense AdvancedResearch Projects Agency and the Office of Naval Research.