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Lockheed Awarded 3 Fighter Contracts

From Bloomberg News

Lockheed Martin Corp. has received three contracts valued at about $1.5 billion for production of the F-22 stealth fighter jet, the Air Force said Thursday.

Bethesda, Md.-based Lockheed received a $1.23-billion contract to build six more F-22 fighters for testing and a $275-million down payment for another 10. A third contract, valued at $115 million, was awarded for overall continuing manufacturing of the test stealth aircraft.

The contracts have been expected for weeks but are a good ending to a bad year that saw Lockheed Martin shares drop 51% amid five warnings since November 1998 of lower profit, missed orders, lost contracts and problems with its space and transport programs.

Lockheed Martin shares closed up 44 cents at $20.31 on the New York Stock Exchange. The awards were announced after the market closed.

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