Defense technology company Lockheed Martin Corp. (LMT) announced late Monday that it has received a $514 million contract from the U.S. Space Force to build Global Positioning System IIIF Space Vehicles 23 and 24.
According to the firm, the 14 upcoming GPS IIIF satellites will deliver advanced, reliable positioning, navigation and timing capabilities for both military and civilian users.
The firm noted that the IIIF capabilities include the Regional Military Protection capability, additional M-Code-enabled satellites, allowing for secure GPS connection for warfighters, as well as a digital navigation payload, increasing accuracy and reliability of IIIF spacecraft.
With the latest contract, the firm's total GPS IIIF commitment reached to 14 spacecraft. Earlier this year, all Lockheed Martin-made GPS III satellites reached orbit.
Christina Mancinelli, vice president of global communications and navigation at Lockheed Martin, stated, "Modernizing the constellation with highly resilient, next-generation space vehicles ensures warfighters have access to the GPS capabilities they require for their missions. We continue to invest in advanced technology, facilities and the people who are the driving force in the production of this spacecraft that help our military secure peace."
Lockheed Martin said it continues to advance GPS IIIF production at its Denver area facilities.
In the overnight trading, the shares were gaining around 0.18%, after closing Monday's rgular trading 1.85% lower.
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