Weather Damaged F-35s Parked in Texas May Cost Pentagon Millions [BNN Bloomberg (Canada)]
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Lockheed Martin Corporation (LMT)
Last lockheed martin corporation earnings: 4/21 07:30 am
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Source: BNN Bloomberg
The disclosure from the Defense Contract Management Agency is the latest twist in the saga of the Lockheed Martin Corp. fighter jet that's already projected to cost more than $1.8 trillion over the course of its life cycle, including development, production and sustainment, making it the most expensive weapons system in history. The “significant liability” stems from a standard clause in military aircraft contracts that limits Lockheed's maximum cost for repairs or replacement to $100,000 per jet, according to the agency and the Government Accountability Office. The Pentagon would be responsible for the rest, up to the full cost of replacing the jets, which were built at a price tag of $82.5 million to $109 million each depending on the model. “This insurance works very similar to commercial auto and aircraft insurance,” the contract management agency said in a statement, disclosing the provision for the first time. “Provided the contractor meets the underwriting terms and cond
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LMT
Earnings
- 4/23/24 - Beat
LMT
Sec Filings
- 7/2/24 - Form 4
- 7/2/24 - Form 4
- 6/24/24 - Form 11-K
- LMT's page on the SEC website