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The US Missile Defense Agency awarded $LMT a nine-month, $9.4MM contract to develop a Low Power Laser Demonstrator missile interceptor. The concept will be used to intercept missile threats with directed energy, during the missile's boost phase. The speed and precision of laser systems make them potential options for future missile defense system.
Aerospace giant $LMT slipped into loss in 4Q17, hit by one-time charge of $1.9Bil due to tax reform legislation. Net loss from continuing operations was $715MM, or $2.50 per share, compared to earnings of $959MM, or $2.35 per share during 4Q16. Adj. EPS was $4.30 per share. Net sales rose to $15.1Bil during the quarter.
$LMT Board has approved the appointment of Richard Edwards as EVP, Lockheed Martin International and Frank St. John as EVP of the corporation's Missiles and Fire Control business. Both serve as corporate officers and the appointments are effective immediately.
Derco, a $LMT company, signed a 5-year distribution agreement extension with Triumph Engine Control Systems to be the distributor of pump assembly spares for the 54H60 propeller system. Under the agreement, Derco will continue to distribute spares in support of C-130 and P-3 international operations effective immediately.
Aerospace giant $LMT said it received a $961MM contract from the US Air Force to provide sustainment and upgrades for its Sniper Advanced Targeting Pods. Under the five-year contract, covering a fleet of 683 Sniper ATPs, the Air Force will be placing orders for logistics, spares, software and sensor enhancements.
Sikorsky, a $LMT company, received notice that the City of San Diego plans to award a contract for one S-70i Black Hawk helicopter in a baseline configuration. The City of San Diego will become the second jurisdiction to order the Firehawk this year after an order for two S-70 aircraft from the Los Angeles County Fire Department.
Aerospace company $LMT has joined hands with Aerion, a pioneer of new-age supersonic technology, to explore joint development of Aerion AS2, the first ever supersonic business jet. Initially, a framework on all phases of the program will be laid out. Earlier, Aerion had advanced structural design of the aircraft through a collaboration with Airbus.
$LMT and the North Atlantic Treaty Organization (NATO) Support and Procurement Agency (NSPA) signed a five-year agreement for the agency to purchase Enhanced Laser Guided Training Rounds (ELGTRs) on behalf of member countries. The follow-on agreement is in effect through 2021 and provides for purchase of up to 3,000 ELGTRs a year for next 5 years.
$LMT received a $44.1MM contract from the U.S. Air Force to produce Intelligent Test Instrumentation Kits (iTIK) to be used on Joint Air-to-Surface Standoff Missile (JASSM) flight tests for telemetry and flight termination purposes. This contract for iTIKs provides benefits across multiple missile programs.
$LMT received a contract from the the U.S. Postal Service (USPS) to provide next generation package processing systems. The Indefinite Delivery Indefinite Quantity (IDIQ) contract, with a maximum potential value of $215MM, will provide up to 10 Enhanced Package Processing Systems (EPPS).
Effective Jan 1, 2018, $LMT will adopt new accounting standards. $LMT expects FY17 sales under the new methodology to be about 2% lower than the current methodology, while segment operating profit will be comparable under both the old and new methodologies. As a result, $LMT expects segment operating margin to increase to around 10.3%.
$LMT raised its outlook for FY17 net sales and diluted EPS. The Bethesda, Maryland - based company now expects net sales of $50-51.2Bil, vs the prior guidance of $49.8-51Bil. EPS outlook range was raised to $12.85 – 13.15, compared to the earlier outlook of $12.30 – 12.60.
Investors sent $LMT shares down over 1% in pre-market trading after the aerospace and defense company posted 3Q17 net earnings from continuing operations of $939MM, or $3.24 per share, lower than $1.1Bil, or $3.61 per share a year ago. Meanwhile, net sales for the quarter grew over 5% to $12.2Bil.