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

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Lockheed Martin Corporation : Lockheed Martin clinches $4 billion Pentagon missile defence deal

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09/21/2013 | 12:39pm CET

The Pentagon said on Friday it had finalized a contract worth nearly $4 billion (2 billion pounds) with Lockheed Martin Corp to supply additional missile defence equipment to the United States and the United Arab Emirates.

The deal involves Lockheed's Terminal High Altitude Area Defense (THAAD) missile defence system that is designed to intercept ballistic missiles in midair, according to the Pentagon's daily digest of major weapons contracts.

The contract reflects growing confidence and demand for the missile defence system, said Riki Ellison, founder of the non-profit Missile Defense Advocacy Alliance.

The deal, which has been in negotiation for several years, will combine orders for the United States and UAE, generating savings for the United States of about 10 percent, said Mat Joyce, Lockheed vice president and THAAD program manager.

It includes 192 interceptors for the UAE and up to 110 interceptors for the U.S. Army, including an option for fiscal 2014 that is valued at $352 million, to be exercised no later than December 31, according to the Pentagon announcement.

Joyce said the option would allow the U.S. government to benefit from the lower pricing at a time when it is facing likely additional reductions in the U.S. defence budget.

The United States is in talks with Qatar on a possible sale of the THAAD missile defence system.

Saudi Arabia, Japan and South Korea have also expressed interest, Joyce said.

The U.S. Missile Defense Agency last week conducted the first operational test of the THAAD system and its ability to work together with the Aegis combat system on a guided-missile destroyer. Working together, the two systems intercepted two medium-range ballistic missile that were fired nearly simultaneously.

Earlier this year, after North Korea threatened to launch a nuclear attack on the United States, the Pentagon moved two Aegis destroyers to the western Pacific and a THAAD missile system to its Pacific territory of Guam.

(Reporting by Patrick Rucker and Andrea Shala-Esa; Editing by Eric Beech and Ron Popeski)

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Financials ($)
Sales 2016 46 523 M
EBIT 2016 5 548 M
Net income 2016 4 585 M
Debt 2016 12 015 M
Yield 2016 2,65%
P/E ratio 2016 18,60
P/E ratio 2017 20,15
EV / Sales 2016 1,88x
EV / Sales 2017 1,75x
Capitalization 75 509 M
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Number of Analysts 20
Average target price 280 $
Spread / Average Target 8,5%
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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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