Lockheed Martin (NYSE: LMT) has secured a $7 billion contract to provide the Defense Department with 71 F-35 aircraft as part of a potential $392 billion military arms procurement and development program, Reuters reported Monday.
Andrea Shalal-Esa writes news of the deal comes as the armed forces aim to catch up on flight test schedules that would enable the use of new jets for official missions.
An unnamed source with knowledge of the discussions said the contract involves two additional deliveries of 11 war planes to Australia, Italy, Turkey and Britain and 60 for the U.S., according to the article.
Reuters says Lockheed CEO Marillyn Hewson suggested last week that an agreement was expected soon.
Shalal-Esa reports the contract is likely to boost the 15 percent profit Lockheed currently makes from the DoD program.