Lockheed's F-35 Silences Critics
A short takeoff/vertical landing (STOVL) variant of
Lockheed Martin Corp.’s (
) F-35 Lightning II stealth fighter recently completed an aerial refueling test using the probe-and-drogue refueling system. The technique, primarily used by the US Navy and Marine Corps, uses a flexible hose attached to the tanker aircraft. Of late, the overhyped F-35 program has been facing severe criticism from F-22 advocates over its viability in modern aerospace.
The success of the test comes at an opportune moment, paving the way for the STOVL F-35B variant for extended-range missions. With a large intake of F-35s in the offing this fiscal, we believe this achievement will help the company to confront F-35 critics who compare it with the high-cost F-22. The $300 billion F-35 program is currently the biggest program in Lockheed Martin’s portfolio and is slated to replace Cold War relics of F-16 and A-10 fleets.
Lockheed Martin is the primary player in the F-35 program along with industry peers, BAE Systems and Northrop Grumman ( ). The Pentagon’s focus on the F-35 is evident as two separate and interchangeable engines are currently under development. The two engines under development are Pratt & Whitney F135 and GE Rolls-Royce Fighter Engine Team F136.
The F-35 variant known as F-35C Lightning II is the first-ever stealth fighter added to the US Navy's arsenal. Lockheed Martin is depending heavily on the F-35 program to rejuvenate the dwindling fortunes of its Aeronautics segment. F-35 is ideally suited for the current trend of low-intensity conflicts. We maintain our market Neutral recommendation on Lockheed Martin.
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