Lockheed Martin’s Q1 Revenue Soars on $3.8 Billion Moroccan F-16 Deal

According to the media Bizjournals.com, the Moroccan contribution mainly concerns the aeronautics division. Indeed, Lockheed’s aeronautics division was able to achieve a turnover of $5.6 billion in the first quarter of this year, an increase of 27% compared to the previous year.

This leap was achieved, according to the same media, thanks to two contracts signed with Morocco: the sale of 25 F-16 Viper aircraft to Morocco for a value of $3.8 billion and the upgrading of 23 existing Moroccan F-16s for about $1 billion. Adding the two, that’s about $4.8 billion.

The same source writes that Lockheed reported a net revenue of $14.3 billion on Tuesday, an increase of 23% compared to the profit of the first quarter of the previous fiscal year.

Saudi Arabia and Uncle Sam’s army were also cited: "The company’s missile and fire control systems led the company’s sales segments to rise in the first quarter, recording a 40% gain over the first quarter of 2018 to reach $2.35 billion. This increase is explained by the company’s sales of the THAAD air and missile defense system in Saudi Arabia, as well as the award of a $1.1 billion contract by the U.S. Army to provide its 14th batch of guided rocket systems."

Lockheed CEO Marillyn Hewson said: "These good revenue and earnings results, as well as our commitment to maximizing returns, have also allowed us to increase our outlook for our entire business."