Lockheed Martin, one of the world's largest military and aerospace contractors, once surged nearly 9% after the US stock market opened today, after the company raised its earnings forecast for the fiscal year. As of press time, the company was up more than 6%. According to the news, Lockheed Martin announced that it has reached a multi-year production and guarantee framework agreement with the US Department of War for the F-35 “Lightning II” fighter, covering 850 fighter jets purchased by the US over the next 10 years, as well as related initial spare parts, modification kits and maintenance guarantees, and involving international customer orders for the 21st to 30th batches. The agreement plans to maintain the annual production of 156 fighter jets. If the US Congress approves multi-year procurement authorization and related funding, the two sides will further finalize the terms of the contract, price, and delivery schedule. The company anticipates that long-term pricing and bulk purchase discounts could save the F-35 billions of dollars throughout its life cycle.

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