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Triumph Group TGI announced that its unit Actuation Products & Services will provide Lockheed Martin LMT with hydraulic utility actuation valves (HUAVs) to support the latter’s F-35 fleet availability at the Marine Corps Air Station (MCAS) Cherry Point. For the next five years, the company’s facility, the Clemmons in North Carolina, will provide engineering and material needed for the program.
Rise in Demand Aids F-35 Program
The F-35 program is supported by an international team of leading aerospace majors, such as Northrop Grumman NOC and Pratt & Whitney, a unit of Raytheon Technologies RTX. Notably, Northrop Grumman rendered its expertise in carrier aircraft and low-observable stealth technology to this program. Also, BAE Systems’ short takeoff and vertical landing experience, and air systems sustainment supported the jet’s combat capabilities. Pratt & Whitney offered its combat-proven engine to this jet.
Such features enabled the F-35 jet to dominate the combat aircraft market, buoyed by solid demand as is evident from the frequent contract wins involving F-35 program and its associated upgrades, both from Pentagon and other U.S. allies. The latest deal win is a bright example of that.
In 2020, 120 F-35s were delivered, 21 less than the planned figure. Also, in the ongoing year, the company is expected to deliver jets in the range of 133-139 while Lockheed Martin is trying to increase its deliveries up to 169 F-35s in 2022.
Since 2014, Triumph has been providing original equipment and aftermarket HUAV parts for the F-35 program. Prior to the current deal, in 2020, Triumph Systems & Support business was awarded a four-year contract for HUAV on the F-35 program, marking the extension of its existing two-year order with Lockheed Martin.
Price Movement and Zacks Rank
Shares of this currently Zacks Rank #3 (Hold) company have rallied 99.7% in the past year, outperforming the industry’s rise of 30.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
One-Year Price Performance
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