Lockheed Martin Stock Rises on F-35 Framework Deal With Government, Record Backlog
By Kelly Cloonan
Shares of Lockheed Martin gained after the company laid plans for a 10-year agreement for production and sustainment of F-35 jet fighters with the Defense Department, and as its backlog hit a fresh record in the third quarter.
The stock rose 3.7% to $572 in premarket trading on Thursday. At Wednesday's market close, shares were up 14% year to date.
Under the framework agreement, Lockheed would produce 850 aircraft for the U.S. and provide sustainment services over 10 years, along with spare parts and international customer orders. The deal would keep production at a rate of 156 aircraft annually, and eliminate the annual contracting cycle.
Separately on Thursday, Lockheed said its backlog continued to grow in the third quarter, up 27% since the second quarter and setting another record at $291.98 billion.
The company reported higher profit and revenue for the third quarter, prompting it to bump up its forecast for the year.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
October 22, 2026 07:56 ET (11:56 GMT)
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