Lockheed Gets $1B Contract Modification for Lot 11 US Navy, Marine Corps, Air Force F-35s

F-35The Naval Air Systems Command has awarded Lockheed Martin (NYSE: LMT) a $1.3 billion contract modification to deliver 13 F-35 low-rate initial production fighter planes to the U.S. Navy, Marine Corps and Air Force.

The Defense Department said Monday the obligated amount of $311.9 million at the time of award is from the three service branches’ fiscal 2016 aircraft procurement funds.

The modification covers the delivery of three F-35A conventional takeoff-and-landing variants for the Air Force, six F-35B short takeoff and landing variants for the Marine Corps and four F-35C carrier variants for the Navy.

The award came after Lockheed received nearly $180 million in contract funds in late March to obtain long-lead-time items that the company will need to build  LRIP Lot 11 F-35s.

Lockheed is scheduled to complete work under the contract modification in December 2019.

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