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LMT Stock Price (NYSE:LMT)

LMT stock price gained today after the company announced winning a new project. LMT stock price is currently $412.52.

The Sikorsky Aircraft division of Lockheed Martin Corp. (NYSE:LMT) has just won a contract to provide maintenance for the H-60 and H-53 family of helicopters. The Commander of the Fleet Readiness Centers at Patuxent River, Maryland, has presented you with this award.

Elements of the Agreement

This contract is worth $26.1 million and is expected to be finished by September 2027. As part of the agreement, Sikorsky will provide engineering technical field services to assist with the setup, operating, and maintenance of the H-60 and H-53 series helicopters.

Most of the labor will be performed in Apra Harbor, Guam; Okinawa, Japan; North Hanover, New Jersey; Atsugi, Japan; Rota, Spain; and San Diego, California.

Gains From the Agreement

Because of rising geopolitical tensions and terrorist threats, nations everywhere have been bolstering their armed forces.

Military helicopters have been gaining prominence alongside other combat arsenals and weaponry as a result of developments and integration of new tactical and logistical aspects. As a result, Lockheed Martin Corp. (NYSE:LMT) has been able to secure numerous contracts for the manufacture and improvement of helicopters in recent years. This most recent agreement is a shining example of that.

Winning such contracts is good for the Sikorsky helicopter division, which is part of the companys Rotary and Mission Systems business area.

Prospects

The United States, already the worlds leading arms supplier, is further beefing up its armed forces. The $773 billion proposed by the Biden administration for the Department of Defense in fiscal 2023 clearly indicates this priority, as is the proposed $56.5 billion investment in combat aircraft. The requested allocation for defense is 4.1% higher than the actual amount for fiscal 2022.

Compared to the industrys 32.6% decline over the past year, LMT stock performance stands out at 21.4%.

Featured Image- Megapixl @ Luckydoor

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Author: Shariq Khan
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