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Air Force Withholds $26 Million From Lockheed Martin Over GPS III Delays

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Air Force Withholds $26 Million From Lockheed Martin Over GPS III Delays
An artist's rendering of a GPS III satellite. Photo: Lockheed Martin.

The Air Force has withheld nearly $26 million from Lockheed Martin [LMT] since May 2011 over delays of the first Global Positioning System (GPS) III satellite due to issues with its navigational payload. Air Force spokesman Maj. Eric Badger said in a recent email GPS III prime contractor Lockheed Martin earned 62 percent of the total available award fee pool of nearly $68 million between May 2011 and May 2014. For the most recent award fee period between May 2013…

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