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4-Traders Homepage  >  Equities  >  Nyse  >  Lockheed Martin Corporation    LMT

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Lockheed Martin : Decides Not to Sue Government Over F-35 Contract

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03/23/2017 | 10:19am CET

Lockheed Martin was considering filing a lawsuit against the Pentagon for mishandling the contract for their ninth order of the fifth generation joint strike fighters, but a senior company executive told Defense News on Tuesday that Lockheed would not pursue the case.

Its a done deal, said Orlando Carvalho, executive vice president at Lockheeds aeronautics division. Since last November, Lockheed has been contemplating various legal measures, but they have been ruled out, Defense News reported.

We have resolved our differences with the government over LRIP [Low Rate Initial Production] 9, he said, adding that the defense contractor accepted what happened. Thats behind us.

The company previously complained that LRIP 9 was not a mutually agreed upon contract, arguing instead that it was a unilateral contract action, according to a Lockheed spokesman. The defense company was disappointed by the unilateral action since the company negotiated in good faith for the 18 months leading up to LRIP 9. Another official said that while the cost differences between the governments bid price and Lockheeds asking price were small, taking unilateral action to move forward with the LRIP 9 was a fundamental issue.

Moving forward, the company hopes to cut the price of a single F-35A joint strike fighter to $85 million. Were going to do everything we can to get costs out of the airplane, the executive said.

The Pentagon has agreed to buy more than 2,000 F-35 jets, but in practice the Defense Department and Lockheed Martin negotiate every contract to work out details, including how many F-35A, F-35B and F-35C aircraft will be transferred, the price per jet and delivery timelines.

Costs for the F-35B and C variants are much higher than the A variants. US President Donald Trump ordered Defense Secretary James Mattis to "determine opportunities" for reducing F-35 costs, which Trump has berated as "out of control."

(c) 2017, The Daily Star. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 50 198 M
EBIT 2017 5 799 M
Net income 2017 3 748 M
Debt 2017 11 156 M
Yield 2017 2,72%
P/E ratio 2017 21,10
P/E ratio 2018 18,92
EV / Sales 2017 1,78x
EV / Sales 2018 1,72x
Capitalization 78 084 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 283 $
Spread / Average Target 5,0%
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NameTitle
Marillyn A. Hewson Chairman, President & Chief Executive Officer
Rodney A. Makoske SVP-Corporate Engineering, Technology & Operations
Bruce L. Tanner Chief Financial Officer & Executive Vice President
Dana Jackson Chief Technology Officer & Vice President
Nolan Don Archibald Lead Independent Director
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