Lockheed Martin Bags Multiple-Year Production Contract From US Army; Selected As Preferred Bidder For Australia's JP9102 - Lockheed Martin (NYSE:LMT)

Lockheed Martin Corp LMT has secured a multiple-year production contract for Joint-Air-to-Ground Missiles (JAGM) and HELLFIRE missiles from the U.S. army.
The contract offers three additional follow-on awards starting in late 2023, allowing for a total contract value of up to $4.5 billion over the next four years. The Program Year 1 (PY1) award has a total value of $439 million.
The project will provide JAGM and HELLFIRE procurement and production support for the U.S. Army and international customers.
The JAGM program anticipates a significant increase in international demand for the weapon system.
HELLFIRE currently has more than 30 FMS customers, along with being integrated into more than 15 platforms.
"Not only does this contract award support sustained production, but this is the first joint production contact award from the U.S. government for JAGM and HELLFIRE,” said Joey Drake, program management director of Air-to-Ground Missile Systems at Lockheed Martin Missiles and Fire Control.
LMT has also been selected by the Commonwealth of Australia as the preferred bidder for Project JP9102, the Australian Defence Satellite Communications System.
Price Action: LMT shares are trading higher by 0.33% at $474.29 in premarket on the last check Monday.