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Lockheed Martin Awarded New F-22 Contract

Lockheed Martin, currently one of the largest defense contractors in the world, has just been awarded another contract by the US Air Force, one of many. The $486.5 million modification contract stipulates the provision of modifications and services that include maintenance, sustainment, and upgrades of the F-22 Raptor fighter jets currently in service.

Lockheed Martin spearheaded the development and production of the F-22 jets that became operational in 2005. Since then, they have been awarded a significant amount of contracts, including another recent contract in October of 2014 for modifications. Last year, in 2013, Lockheed Martin was awarded a larger $6.9 billion contract for F-22 upgrades. Despite the budget cuts and drawdowns in defense spending that have been felt by defense contractors around the country, including Boeing, Lockheed Martin has continued to be highly successful.

Lockheed Martin is even at the forefront of the development of the new next-generation fighter aircraft, the F-35 Lightning. In October of 2014, Lockheed was just awarded another $4 billion contract for the eighth batch of F-35 fighter jets, comprising 43 jets in total. Boeing, which has been the supplier of the F-18 fighter jets, has considered conceding the fighter jet market to Lockheed Martin and expanding into other areas of business as the Pentagon has chosen Lockheed Martin to lead the development of next-generation aircraft.

In addition, Lockheed has been awarded miscellaneous contracts by other branches of the armed forces such as the US Army and Navy. They are currently the largest US defense contractors, competing with the likes of Boeing, Northrop Grumman, and General Dynamics.

As a global aerospace and defense company, Lockheed Martin is a publicly-traded S&P 500 Component company with reported annual revenues in excess of $45 billion. The company generates 74% of revenue from military sales, with 7.1% total revenues coming from the Pentagon alone. They have been at the top of the list of federal US government contractors for many years running.

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