Defense and aerospace major Lockheed Martin (NYSE:LMT) has scored a missile defense contract worth nearly $4.1 billion from the U.S. Department of Defense. The major win for Lockheed comes only days before its first-quarter results on April 23.
A Huge Win for LMT
Under the missile defense contract, Lockheed will develop and deliver new capabilities to the C2BMC (Command and Control, Battle Management and Communications) system. The period for the multi-year contract is from May 2024 to April 2029. However, there is also an option to extend it through April 2034.
Notably, C2BMC is aimed at creating a global missile defense system to thwart ballistic missile threats.
Separately, LMT also bagged a nearly $127 million contract from the Naval Sea Systems Command for ship self-defense system combat system engineering support.
Lockheed Martin’s Major Weapon Unveiling
This week, the company unveiled its new Mako hypersonic missile. The weapon can engage targets both on land and at sea. The unveiling came after nearly seven years of development efforts. Moreover, LMT noted that Mako can be employed on multiple aircraft, including the F-16, F-22, and the F-35.
LMT’s Upcoming Q1 Numbers
These major developments come just days before LMT’s first quarter numbers on April 23. Analysts anticipate that the EPS will be $5.79, with a revenue of $16.01 billion for the quarter. In the comparable year-ago quarter, LMT’s EPS of $6.43 had outpaced expectations by a wide margin of $0.43.
What Is the Target Price for LMT?
Lockheed’s share price has increased by nearly 27% over the past three years. Overall, the Street has a Hold consensus rating on Lockheed Martin, alongside an average LMT price target of $478.07.
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