Boston, MA 05/27/2014 (wallstreetpr) – The global security and aerospace company Lockheed Martin Corporation (NYSE:LMT) has been named as a contractor in a $1.24 billion worth of contract to build a new fleet of presidential helicopters, otherwise known as “Marine One.”
The company teamed up with Sikorsky Aircraft Corp to bid for the contract jointly. The companies will build 23 new presidential helicopters that will replace the current ones.
A string of contracts
Lockheed Martin Corporation (NYSE:LMT) has won several contracts in recent months that include an expanded contract with the U.S. Navy. The latest contract that involve building of the presidential helicopters is expected to support or lead to the creation of up to 200 jobs at the company’s Owego plant.
The company expects its solid reputation in the defense and aerospace products and solutions to continue attracting more business to its side especially when governments and military organizations around the world upgrade their equipment to match the needs and realities of the 21st Century.
High profile orders
Lockheed Martin Corporation (NYSE:LMT) was won several high profile contracts from the U.S. government. Earlier this month the company entered a $14 million deal to operate and maintain cyber operation simulation for the Defense Department. The company will receive $5.6 million in initial payment under the contract this year. The latest deal with Defense Department comes on the back of $80 million, five-year contract signed in 2012 with the agency under the Defense Advanced Research Projects Agency.
In another government contract, Lockheed Martin Corporation (NYSE:LMT) won an additional $31.7 million from the U.S. Navy for the supply of sonar detection system. The latest U.S. Navy deal modifies a September 2013 contract with the agency and the total deal could be worth about $199 million.
Financial performance
Lockheed Martin Corporation (NYSE:LMT) declared EPS of $2.87 in its 1Q2014 results issued on April 22. The EPS exceeded $2.53 that analysts predicted. Revenue in the quarter came in at $10.70 billion, below the consensus estimate of $10.90 billion. Revenue in the latest quarter was down 3.8 percent on a year-over-year basis while EPS increased from $2.33 a year earlier. The company anticipates improved performance in the future.
