Defense contractor Lockheed Martin Corp. landed two significant Air Force contracts in just over a week. The most recent is a two-year $60 million award for depot and maintenance support for Low Altitude Navigation and Targeting Infrared for Night (LANTIRN) navigation and targeting pods, which are designed to allow fighter aircraft to attack targets at night and in adverse weather conditions, the company said in a July 8 statement.
Under the contract, Lockheed Martin will continue to operate the government-owned Worldwide Depot at Warner Robins Air Force Base, Ga., through 2014. The contract extends an 11-year partnership with the Warner Robins base. The award comes less than two weeks after Lockheed Martin announced a $30 million contract with the Air Force to begin concept development for Space Fence, a radar system and supporting operations centers that will detect and report on objects and debris orbiting the earth.
The company will perform prototyping, design, trade studies and analysis of potential system configurations and eventually a system design review and final prototyping demonstration. The contract also calls for Lockheed Martin to perform site and facility surveys and planning and development of network-centric approaches to integrate with the existing architecture of the program.
Lockheed Martin is leading a team on the project that includes General Dynamics, AT&T and AMEC, the company said in a June 30 statement.
Lockheed Martin President and CEO Bob Stevens stressed the need for partnerships in business, particularly outside the United States during a media event on June 14.
At A Glance
Lockheed Martin Corp.
Primary Industry: Aerospace & Defense
Number of Employees: 146,000
2008 In Review
Revenue: $42.73 billion
Profit Margin: 7.53%
Sales Turnover: 1.28
Inventory Turnover: 21.04
Revenue Growth: 2.08%
Return On Assets: 11.12%
Return On Equity: 32.81%
Stevens pointed to Lockheed Martin's partnership with EADS subsidiary Eurocopter as an example of globalizations benefits. The companies announced on May 4 that they had teamed to offer a new armed scout helicopter solution to the U.S. Army.
Lockheed Martin is coming off a first quarter during which net income fell nearly 9% to $666 million, or $1.68 a share, compared with $730 million, or $1.75 per share during the same period last year primarily from higher pension costs.
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