Lockheed Martin (LMT) wins $45.9 million LRASM missile conversion contract

Investing.com -- Lockheed Martin (NYSE: LMT) Missiles and Fire Control has secured a $45.9 million contract modification to convert anti-ship missiles for the U.S. military.

The firm-fixed-price undefinitized contract action modification was awarded to the Orlando, Florida-based company for the conversion of 10 Long-Range Anti-Ship Missiles (LRASM) from the C-1 configuration to the C-3 configuration.

This modification is part of LRASM Lots Seven and Eight and increases the total cumulative value of the contract to $1.21 billion.

The work will take place in Orlando, Florida, with completion expected by September 30, 2026.

The U.S. government is funding the project with fiscal 2024 and 2025 Navy weapons procurement funds. At the time of the award, $5.4 million in 2024 funds and $3.15 million in 2025 funds were obligated.

The Air Force Life Cycle Management Center at Eglin Air Force Base, Florida, is serving as the contracting activity for this project.

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