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BUSINESS
April 23, 2008 | From Times Wire Services
Northrop Grumman Corp. won a $1.16-billion contract to build an unmanned surveillance plane to replace the Navy's aging P-3 Orion maritime patrol aircraft, the Pentagon said Tuesday. The work, also sought by Lockheed Martin Corp. and Boeing Co., marks the latest big contract win for Northrop, which in February secured a $35-billion deal to build aerial refueling tankers for the Air Force. Northrop's Global Hawk drone is already flown by the Air Force in Iraq and Afghanistan.
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BUSINESS
April 22, 2008 | Peter Pae, Times Staff Writer
They were born shrouded in mystery in a windowless building in Burbank. They flew combat missions over Serbia and Iraq virtually invisible to enemy radar. And today, the black, bat-like F-117A Night Hawks will fly quietly into the night as stealthily as they came. The last four of the world's first stealth fighters will make their final flights from Palmdale to a secret desert base in Nevada, where they will be locked up indefinitely in a secure concrete hangar.
BUSINESS
March 29, 2008 | From Times Wire Services
Lockheed Martin Corp. beat out Boeing Co. to win a $766.2-million Pentagon contract to design and build a radio system connecting aircraft, ships and ground stations military-wide. The deal, announced Friday, could lead to the installation of tens of thousands of radios and ultimately be worth billions to the company.
BUSINESS
February 13, 2008 | From Times Wire Services
The FBI selected Lockheed Martin Corp. for a contract worth as much as $1 billion to build a database for fingerprints and other biometric information. The Transportation and Security Solutions division of the Bethesda, Md.-based aerospace giant won the one-year deal valued at about $40 million, but if all nine one-year options are exercised, the contract's value will approach $1 billion.
BUSINESS
January 26, 2008 | From Times Staff and Wire Reports
Lockheed Martin Corp. and Boeing Co., the top two U.S. defense contractors, formed a team to explore whether to submit a bid to design and build a new long-range bomber for the Air Force. The Air Force aims to develop the "Next Generation Bomber" by 2018, Boeing and Lockheed said.
BUSINESS
January 25, 2008 | From Times Wire Services
Aerospace giant Lockheed Martin Corp. said fourth-quarter profit rose 9.6%, beating analysts' estimates as more-efficient assembly lines helped compensate for fewer deliveries of F-16 jet fighters. The company raised its 2008 earnings forecast, pushing its stock up the most in more than four years. Net income rose to $799 million, or $1.89 a share, from $729 million, or $1.68, a year earlier, Bethesda, Md.-based Lockheed said. Sales were unchanged at $10.8 billion. Lockheed shares rose $4.21, or 4.1%, to $105.
BUSINESS
January 1, 2008 | From Times Wire Services
Lockheed Martin Corp., the world's largest defense company, won an order valued at $498.2 million to supply F-16 fighter jets to Pakistan. Lockheed will supply 18 F-16s to Pakistan as part of a foreign military sales program coordinated by the U.S. Air Force, the Pentagon said. The order is part of $5 billion in weapon sales to Pakistan that Congress approved last year. Lockheed's shares fell $1.52, or 1.4%, to $105.26.
BUSINESS
April 17, 2007 | From the Associated Press
The Coast Guard is removing Lockheed Martin Corp. and Northrop Grumman Corp. from their management role over a troubled $24-billion modernization program and may seek new bids for contracts for any incomplete projects. The deal has been criticized in recent investigations and on Capitol Hill for spiraling costs, design flaws and lax oversight.
BUSINESS
January 26, 2007 | Peter Pae, Times Staff Writer
With little letup in Pentagon spending, the nation's two largest defense contractors reported sharply higher fourth-quarter earnings and raised their profit outlooks for the year. Century City-based Northrop Grumman Corp., the nation's second-largest weapons developer, said Thursday that quarterly net income rose 37%. The results were fueled by a late-year flurry of contracts for military electronic equipment and federal information technology services. Earnings climbed to $453 million, or $1.
BUSINESS
November 22, 2006 | From Bloomberg News
Lockheed Martin Corp. is protesting an Air Force contract worth as much as $15 billion to buy search-and-rescue helicopters from Boeing Co. "We believe the criteria used to evaluate were not applied uniformly," Lockheed spokesman Greg Caires said. A review by the Government Accountability Office "is essential for us to more fully understand the reasons the decision was made."
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