Lockheed Martin anticipates sooner-than-expected F-35 award

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Lockheed Martin anticipates sooner-than-expected F-35 award

(Reuters) -Lockheed Martin expects to be awarded a finalized contract on its F-35 jets, which have been beset by delays in a technology upgrade, sooner than it previously anticipated, the U.S. defense contractor’s finance chief said on Wednesday.

The fighter jets in lot 19 could potentially be awarded sooner than the second half of this year, which was the company’s earlier timeline, newly appointed CFO Evan Scott said at a Bank of America conference.

Lockheed’s customer has told the company to expect lots 18 and 19 to be combined into a single contract, Scott added.

The Pentagon, U.S. allies and partners are the primary customers for these lots of the F-35 jets.

The F-35 program has been bogged by delays in rolling out an upgrade to give the jet better displays and processing capabilities for its electronic systems.

Last month, Lockheed beat expectations for quarterly profit and reaffirmed its annual forecasts, buoyed by resilient demand for its missile systems and fighter jets.

(Reporting by Utkarsh Shetti in Bengaluru; Editing by Leroy Leo)

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