MANILA – Lockheed Martin (NYSE:) has completed the delivery of 10 S-70i™ Black Hawk® helicopters to the Philippine Department of National Defense, as part of an ongoing contract to supply a total of 32 helicopters for the nation’s military services. This delivery is a continuation of the Philippines’ Additional Utility Helicopters Acquisition Project.
The contract, signed in 2022, is being fulfilled by Lockheed Martin’s subsidiary PZL Mielec. The first five helicopters were received by the Philippine Air Force in June 2024, followed by another five in December 2024. With these deliveries, the Philippines’ fleet of S-70i Black Hawks has increased to 25, with the remaining seven to be delivered over the next two years. The company’s strong execution on this contract reflects its operational efficiency, contributing to its healthy 12.2% gross profit margin and robust return on equity of 81%.
The S-70i Black Hawk helicopter is known for its versatility, fulfilling roles such as search and rescue, humanitarian aid, and troop transport. According to Hamid Salim, the vice president of Army and Air Force Systems at Sikorsky, the growing fleet in the Philippines will result in the country having the largest fleet of S-70i Black Hawks in the world.
The expansion of the Black Hawk fleet is intended to enhance the operational capacity of the Philippine Air Force. This step is part of Lockheed Martin’s larger efforts to strengthen its presence in the Philippines, which includes the establishment of an in-country office in Manila and the appointment of Asian Aerospace as the official original equipment manufacturer (OEM) authorized reseller of Sikorsky spare parts and repair services in the region.
Lockheed Martin’s investment in the Philippines also aims to ensure that the Philippine Air Force has access to OEM-approved, high-quality parts and reliable support for the maintenance of their fleet.
This news is based on a press release statement from Lockheed Martin. The company, recognized as a leader in global defense technology, continues to drive innovation and scientific discovery to provide advanced all-domain mission solutions. With a 22-year track record of consecutive dividend increases and trading near its InvestingPro Fair Value, Lockheed Martin demonstrates strong financial stability. For deeper insights into Lockheed Martin’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports, available for over 1,400 US stocks.
In other recent news, Lockheed Martin has demonstrated robust operational performance, surpassing estimated third-quarter earnings per share of $6.50 with an EPS of $6.80 and increasing its full-year 2024 revenue guidance by 0.4% to approximately $71.25 billion. The company has also announced significant leadership changes, with OJ Sanchez and Mike Shoemaker stepping into new roles at the Skunk Works® division and the Integrated Fighter Group, respectively. Truist Securities has initiated coverage of Lockheed Martin, assigning a Buy rating and setting a price target of $579, viewing the recent drop in the company’s share price as an attractive buying opportunity.
Lockheed Martin has launched a new subsidiary, Astris AI, dedicated to providing AI solutions for the U.S. defense industrial base. The company has also dismissed rumors concerning the cancellation of its $1 trillion F-35 fighter jet contract as false. Furthermore, Lockheed Martin has completed the sale of $1 billion in senior unsecured notes, a move aimed at managing its capital structure.
In response to these developments, Jefferies maintained a Hold rating on Lockheed Martin but reduced the company’s price target from $590.00 to $580.00. These are among the recent developments at Lockheed Martin.
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