Hello, Guest!
  • Friday, April 26, 2024

Lockheed Gets $7.2B Air Force Follow-On Contract for GPS III Satellites


Lockheed Martin (NYSE: LMT) has secured a potential $7.2B follow-on contract from the U.S. Air Force to build an additional 22 GPS III satellites.

The service said Friday it expects the initial GPS IIIF satellite to be available for liftoff by 2026 under the fixed-price contract.

“Getting to a manufacturing steady state in a fixed-price environment will allow us the opportunity to realize substantial cost savings, deliver on a planned schedule and provide avenues for needed warfighter capability upgrades in the future,” said Lt. Gen. John Thompson, commander of Air Force Space Command’s space and missile systems center and program executive officer for space.

Lockheed submitted its bid for the GPS III Follow-On program in April two months after the service issued a solicitation for the satellite development initiative.

Video of the Day

Related Articles

Next-Generation Interceptor Award: The Future of U.S. Missile Defense Articles

Next-Generation Interceptor Award: The Future of U.S. Missile Defense

The next-generation interceptor award is critical in shielding the homeland as a part of the U.S. missile defense strategy. It is set to replace the current Ground-Based Interceptors within the Ground-Based Midcourse Defense (GMD) system. The U.S. needs to keep investing in missile defense technologies to deal with growing threats against ballistic, cruise, and hypersonic

Lockheed Reports 14% Increase in Q1 2024 Net Sales; Jim Taiclet Offers Update on F-35, Next-Gen Interceptor, LRDR Programs Financial Reports

Lockheed Reports 14% Increase in Q1 2024 Net Sales; Jim Taiclet Offers Update on F-35, Next-Gen Interceptor, LRDR Programs

Lockheed Martin (NYSE: LMT) generated $17.2 billion in net sales during the first quarter of 2024, up 14 percent from the prior-year period’s $15.1 billion, and reported $1.5 billion in Q1 net earnings, or $6.39 per share. The Bethesda, Maryland-based aerospace and defense contractor said Tuesday it returned $1.8 billion in cash to shareholders through

Scott Wood Named VP of Defense Programs at T-Rex; Leslie Hubbard-Darr Quoted Executive Moves

Scott Wood Named VP of Defense Programs at T-Rex; Leslie Hubbard-Darr Quoted

Scott Wood, formerly vice president of programs at Leonardo DRS (Nasdaq: DRS), has been named VP of defense programs at T-Rex Solutions, a provider of information technology modernization services to government agencies. He will manage the company’s growth strategy and oversee the delivery of IT products and services to the Department of Defense in his