US Navy and AF Award LM 2nd Production Lot for LRASM

$172 million contract continues production of tactical missiles

Lockheed Martin (NYSE: LMT) received a $172 million contract from the U.S. Navy and Air Force for Long Range Anti-Ship Missile (LRASM) production.

The contract continues the production for the air-launched variant of LRASM, including a full production run of missiles and engineering support. This is the second of several expected annual production lots that will deliver next-generation anti-ship missiles to the U.S. Navy and U.S. Air Force.

“LRASM brings a game-changing capability to both the U.S. Air Force and the Navy,” said David Helsel, LRASM director at Lockheed Martin Missiles and Fire Control. “This second production lot will provide anti-ship missiles for both the B-1B and F/A-18E/F, bringing sea control back to our Warfighters.”

LRASM is designed to detect and destroy specific targets within groups of ships by employing advanced technologies that reduce dependence on intelligence, surveillance and reconnaissance platforms, network links and GPS navigation in electronic warfare environments. LRASM will play a significant role in ensuring military access to operate in open ocean/blue waters, owing to its enhanced ability to discriminate and conduct tactical engagements from extended ranges.

LRASM is a precision-guided, anti-ship standoff missile based on the successful Joint Air-to-Surface Standoff Missile - Extended Range (JASSM-ER). It is designed to meet the needs of U.S. Navy and U.S. Air Force Warfighters in contested environments. The air-launched variant provides an early operational capability for the U.S. Navy’s offensive anti-surface warfare Increment I requirement. With the recent EOC declaration by the U.S. Air Force for the B-1B, the focus is now on the U.S. Navy’s F/A-18E/F Super Hornet in 2019.

Source: Lockheed Martin Corporation (NYSE: LMT)
Date: Jan 15, 2019