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WEST PALM BEACH, Fla. - Sikorsky, a Lockheed Martin company (NYSE: NYSE:LMT), a prominent player in the Aerospace & Defense industry with a market capitalization of $108 billion, has commenced ground testing of a UH-60M Black Hawk helicopter equipped with the new GE Aerospace T901 Improved Turbine Engines (ITE), as announced on Wednesday. According to InvestingPro data, Lockheed Martin maintains strong financial health with annual revenues exceeding $71 billion. This marks a significant milestone in the modernization of the U.S. Army’s helicopter fleet, with the ITE expected to enhance aircraft performance and operational range.
The initial ground runs, which included tests for system functionality and engine health, were conducted by a joint team of U.S. Army personnel and industry experts, with Army and Sikorsky pilots at the controls. The tests are a precursor to the anticipated first flight of the ITE-equipped Black Hawk within this year.
The T901 ITE is touted to increase the Black Hawk’s power by 50% and improve fuel efficiency, which aligns with Lockheed Martin’s vision for a modernized fleet capable of extended missions with less fuel and increased troop and cargo capacity. The engine’s successful ground tests pave the way for further evaluations, including hover and forward flight tests.
Sikorsky’s modernization efforts for the H-60M Black Hawk focus on the integration of the T901 engine, Modular Open Systems Approach/digital backbone, and Launched Effects. Digital advancements, such as the sustainment digital twin, are intended to enhance safety and mission readiness while minimizing downtime and unscheduled maintenance.
Lockheed Martin, a global defense technology company, continues to drive innovation and scientific discovery through its all-domain mission solutions. Despite a recent 8.4% decline in stock price over the past week, the company’s 21st Century Security® vision aims to deliver transformative technologies to maintain a competitive edge. InvestingPro analysis reveals 12 additional key insights about Lockheed Martin’s performance and prospects, available to subscribers along with comprehensive Pro Research Reports that transform complex Wall Street data into actionable intelligence.
This news article is based on a press release statement.
In other recent news, Lockheed Martin has announced a series of developments that underline its ongoing commitment to innovation and shareholder value. The company’s board of directors approved a $3.30 per share dividend for the first quarter of 2025, maintaining its 41-year record of consistent dividend payments. This decision was followed by Lockheed Martin securing a $270 million contract with the U.S. Air Force for F-22 upgrades, further emphasizing its role in the global defense technology sector.
In addition to these financial moves, Lockheed Martin has also seen changes in its stock targets. Vertical Research Partners and RBC Capital revised their price targets for the company to $519 and $570, respectively, while maintaining their ratings. This comes amid concerns about the long-term impact of fixed price development contracts on Lockheed Martin’s financial performance.
The company also exceeded its estimated third-quarter earnings per share, reporting an EPS of $6.80, and raised its full-year 2024 revenue guidance to approximately $71.25 billion. Coverage of Lockheed Martin was initiated by Truist Securities, assigning it a Buy rating.
In addition, Lockheed Martin announced leadership changes and launched a new subsidiary, Astris AI. The company also refuted rumors of a potential cancellation of its $1 trillion F-35 fighter jet contract. These are the recent developments at Lockheed Martin.
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