Mon, Apr. 27, 3:38 PM
- F-35 engines from United Technologies (UTX -0.3%) are proving so unreliable that U.S. plans to increase production of the fighter jet may be slowed, congressional auditors say.
- Data from flight tests evaluated by the GAO show the reliability of engines from UTX’s Pratt & Whitney unit is "very poor (less than half of what it should be) and has limited” progress for the F-35, the agency said in a report sent to lawmakers this month.
- According to GAO officials, engines on the Marine Corps’ complex version of the F-35, designed for short takeoffs and vertical landings, flew ~47 hours between failures caused by engine design issues instead of the 90 hours planned for this point, while Air Force and Navy model engines flew ~25 hours between failures instead of the 120 hours planned.
- Bennett Croswell, president of Pratt & Whitney Military Engines, says the company was surprised by the report's unusually stern language but that "the engine is reliable."
- The U.S. military plans to spend $391B for a fleet of 2,443 planes from prime contractor Lockheed Martin (LMT -0.8%).
Mon, Apr. 27, 10:01 AM
- Lockheed Martin (LMT +0.5%) has announced recent training solutions contracts from the U.S. Air Force valued at more than $80M.
- The contracts include the following: C-130J AMC weapon systems trainer and C-130J AMC loadmaster; KC-130J weapons systems trainer; C-130 aircrew training system and C-130J Training System Support Center services.
Thu, Apr. 23, 7:35 AM
Tue, Apr. 21, 8:12 AM
- Lockheed Martin (NYSE:LMT) reports Q1 net profit of $878M, or $2.74 per share vs. $933M, or $2.87 per share a year ago.
- Sales in Lockheed's aeronautics business dropped 7.4% to $3.13B, while its information systems and missiles and fire control units also fell due to weak U.S. defense spending and fewer jet deliveries.
- The company raised its 2015 earnings forecast to $10.85-$11.15 per share from $10.80-$11.10, and reiterated its revenue forecast of $43.5B-$45B.
- LMT +0.7% premarket
- Q1 results
Tue, Apr. 21, 7:26 AM
Mon, Apr. 20, 5:30 PM
Thu, Apr. 16, 2:45 PM
- Lockheed Martin (LMT +0.3%) has long dominated the U.S. military space market, but it is trying harder than ever to cut costs, become more innovative and shed a reputation for arrogance, Mark Valerio, the head of its military satellite unit tells Reuters.
- LMT interviewed 60 officials at the Pentagon, Air Force Space Command and the Air Force's Space and Missiles Systems Center late last year as part of a broader drive to improve its relationships with the U.S. government, the exec says.
- LMT is pushing to cut costs on existing programs by consolidating facilities, finding and testing new uses for additive manufacturing and standardizing parts across multiple satellites, Valerio says.
- One key test will be how LMT fares in an Air Force competition for the next batch of GPS satellites later this year after the current GPS III program was marred by delays.
Thu, Apr. 16, 9:22 AM
- United Launch Alliance, a joint venture of Lockheed Martin (NYSE:LMT) and Boeing (NYSE:BA), says uncertainty over its use of Russian rocket engines for Air Force satellite launches could dent its plans to build the "Vulcan" rocket with a U.S. engine.
- Tory Bruno, president of the ULA, told Reuters that Lockheed and Boeing could stop investment in the new rocket unless it received government permission to use 29 already ordered Russian engines.
- It was not immediately clear what would happen to the venture if it was unable to complete the new rocket.
- Previously: ULA introduces rocket to end U.S. dependence on Russia (Apr. 14 2015)
Tue, Apr. 14, 10:14 AM
- Lockheed Martin (LMT -0.2%) is planning to integrate customized apps into its ground station solutions to offer more efficiency between operators and missions.
- Satellite operator tasks contained as separate functions can be designed and managed as single apps, integrated on a common operating platform, which increases mission performance by 20%.
- Tasks include programming satellite orbits, receiving continuous streams of data from space, and monitoring data from ground sensors and launch activities.
Tue, Apr. 14, 4:07 AM
- United Launch Alliance, a joint venture of Lockheed Martin (NYSE:LMT) and Boeing (NYSE:BA), has unveiled a reusable rocket named "Vulcan" that is slated to take off in 2019 and end U.S. dependence on Russian-built rocket engines.
- Russian-made RD-180 engines currently power ULA's Atlas rocket, but Congress has banned further imports as part of trade sanctions enacted after Russia invaded Ukraine last year.
- Vulcan's reusable engines are likely to slash satellite-launch costs and provide a steppingstone to various commercial space ventures.
Thu, Apr. 9, 2:44 PM
- The Pentagon says Lockheed Martin (LMT +0.1%) could lose as much as $40M because it is late delivering fully functioning software for the first F-35 fighters due to be declared combat-ready.
- The money is part of $100M the Defense Department's program office has held out as incentives for LMT, the contractor on the $391B F-35 program, to complete three successive versions of software needed to give the jet increasingly advanced combat capabilities.
- Flight testing of the initial 2B software, which is essential to delivering the first planes’ promised capabilities, was supposed to be completed by late February - about four months late - but now may take until mid-June.
Thu, Apr. 2, 10:39 AM
- The U.S. Navy awards Lockheed Martin (LMT +0.1%) with a $362M contract for the construction of one littoral combat ship.
- The contract modification, which is part of the Navy’s fiscal 2010–fiscal 2015 block buy, also includes $79M in advance procurement for a second ship.
- The remaining funds for the second ship will be available by Dec 31.
Mon, Mar. 30, 7:11 AM
- South Korea's Defense Acquisition Program Administration has chosen Korea Aerospace Industries, which expects to partner Lockheed Martin (NYSE:LMT), to develop a mid-level fighter jet which will cost 8.7T won ($7.9B), sources told Reuters.
- The arms procurement agency also confirmed its decision to upgrade its Patriot missile system. Raytheon (NYSE:RTN) will upgrade the missile launch systems while the PAC-3 missiles will be manufactured by Lockheed.
- The total Patriot upgrade is expected to cost about 1.3T won ($1.2B).
Tue, Mar. 24, 3:49 PM
- Lockheed Martin (LMT +0.4%) likely will lose part of a $300M incentive fee because of software problems in the first batch of F-35 fighter jets being delivered to the Marine Corps. this summer, according to a senior Pentagon official.
- Although the issue is being corrected and tested, the final version of the software will not be ready as planned in June, so LMT should expect to forfeit some of the incentive fees linked to development of three separate software packages, the official says, without specifying how much of the fee could be withheld.
- LMT is the prime contractor on the $391B F-35 program, which accounted for 17% of the company's revenue last year.
Mon, Mar. 23, 7:20 AM
- Lockheed Martin (NYSE:LMT) said it is working to fix a technical error disclosed by the U.S. Air Force on Sunday that affected some GPS satellites but did not degrade the accuracy of GPS signals received by users around the world.
- Air Force Space Command said the glitch appeared to involve the ground-based software used to index, or sort, some messages transmitted by GPS IIF satellites built by Boeing.
- A "workaround" has been put into place to avoid further errors, said Lockheed spokeswoman Christine Courard.
Thu, Mar. 19, 4:22 PM
- Due to revised inflation estimates and reduced labor expenses, the projected costs of Lockheed Martin's (LMT -0.2%) F-35 program dipped $7.5B (1.9%) last year, bringing the program's total cost to $391.1B for a planned fleet of 2,443 planes.
- The updated figures were released in the Pentagon's compilation of Selected Acquisition Reports, which are viewed by lawmakers, analysts and defense contractors as barometers of costs and delays.
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Lockheed Martin Corp is a security and aerospace company. The Company isengaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
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