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Lockheed Books $1.05B Navy Contract for Lot18 F-35 Aircraft Materials, Services

Lockheed Martin (NYSE: LMT) has landed a $1.05 billion contract to supply materials and services for 118 units of F-35 fighter jets for the U.S. armed forces and allies.

The Department of Defense said Friday the U.S. Navy awarded the undefinitized advanced acquisition contract for Lot 18 F-35 aircraft, which also benefits the Air Force, Marine Corps, foreign military sales customers and clients outside DOD.

The fixed-price incentive award is for materials, parts, components and other professional support needed to ensure on-time delivery of the F-35 aircraft.

Lockheed will perform the tasks in Texas, California, Florida, New Hampshire and Maryland until January 2024. Non U.S. customers include the U.K., Italy and Japan.

Funding from FMS customers will cover a total of $427.2 million, while a $163.2 million budget from non-U.S. DOD customers will be obligated at the time of the award. The Air Force and Navy will source funds from their fiscal 2023 aircraft procurement budget in the amount of $172 million and $289 million, respectively.

Naval Air Systems Command manages the contract.

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