Lockheed Martin Missiles and Fire Control, headquartered in Orlando, Florida, has been awarded a $176m contract modification, taking the cumulative value of the agreement to more than $621m. 

This contract, awarded by the US Air Force, primarily focuses on exercising options for producing 61 Lot 8 Long Range Anti-Ship Missiles (LRASM) with containers and initial spares. This initiative is a strategic step to advance the United States’ capabilities and its ability to protect its interests.

Lockheed Martin’s LRASM achieved early operational capability on the USAF B-1B Lancer bomber ahead of schedule in 2018. The LRASM, designed to fill the troop’s anti-surface warfare capability gap, reached this milestone after successful partnerships with the US Air Force, Navy, and DARPA.

Lockheed Martin Corp will capture a 24.5% share of the missiles and missile defence systems market in North America, with forecast revenue of $41.5bn over the 2023–33, according to GlobalData’s “The Global Missiles & Missile Defense Systems Market 2023-2033” report.

Work on the project will take place in two locations: Orlando, Florida, and Troy, Alabama. The completion date for this project is July 18, 2027. 

Funding for this initiative is sourced from Fiscal 2024 US Air Force missile procurement funds, with $78.3m allocated, along with Navy weapons procurement funds providing $97.9m.

The contract was awarded by the Air Force Life Cycle Management Centre, based at Eglin Air Force Base, Florida, which plays a role in managing and overseeing defence contracts.

Lockheed Martin reported its Q3 financial results for 2023, demonstrating robust performance. The company generated $2.5bn in free cash flow, while Q3 net sales increased to $16.9bn, and cash from operations reached $2.9bn. However, net earnings in Q3 2023 were $1.7bn, with earnings per share at $6.73, compared to $1.8bn and $6.71 per share in Q3 2022.