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Lockheed Martin Corp. (NYSE:LMT) is countering Boeing Co.‘s (NYSE:BA) F-47 sixth-generation fighter victory with a cost-effective F-35 upgrade using sixth-generation technology.
CEO Jim Taiclet revealed on Thursday that the Pentagon shows “very active engagement at an extremely high level” regarding the enhanced F-35 concept, reported Business Insider.
Check out the current price of LMT stock here.
The strategic response seeks to provide 80% of the F-47’s capabilities at half the price by incorporating advanced stealth coatings, enhanced weapons, and next-generation engines.
At the Morgan Stanley Laguna Conference, Taiclet mentioned that talks with the White House could happen soon. The “fifth-generation-plus” upgrade involves adding sixth-generation technology to the current F-35 platform, likening it to turning a solid race car into a Ferrari (NYSE:RACE).
The Department of Defense might upgrade between 1,000 and 1,500 of the 2,300 F-35 jets ordered, which could lead to major savings compared to Boeing’s F-47, expected to be operational by the end of 2029. After losing a contract in March, Lockheed’s stock rebounded by 8%.
Separately, Lockheed’s Skunk Works division partnered with BAE Systems plc (OTC:BAESY) on autonomous air systems development, expanding unmanned warfare capabilities beyond the F-35 upgrade strategy.
Aerospace ETFs showed mixed performance, with SPDR S&P Aerospace & Defense ETF (NYSE:XAR) gaining 0.24% to $221.32 while Invesco Aerospace & Defense ETF (NYSE:PPA) declined 0.31% to $149.22 on Friday.
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Lockheed Martin | Photo courtesy: JHVEPhoto / Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
