Lockheed Martin Corporation (LMT) and Itron Inc. (ITRI) announced an agreement to integrate Lockheed Martin’s proprietary SEEload Demand Response Management Solution with Itron’s smart grid platform. SEEload is one of Lockheed Martin’s SEEsuite Smart Grid Command and Control applications. The application enables utilities and independent system operators to precisely and easily manage demand response events across an entire distribution network Incorporatedluding substations and individual feeders.

Lockheed Martin and Itron’s integrated solution consisting of smart metering services will reduce the cost, complexity and risk for utilities deploying smart meters and implementing demand response programs.

Itron is one of the leading providers of intelligent metering, data collection and utility software solutions to nearly 8,000 utilities worldwide. Lockheed Martin’s partnership with Itron boosts its global leadership status in smart metering and enterprise utility software solutions. Lockheed Martin also brings world-class capabilities in security, command and control and systems integration.

Lockheed Martin remains a key player within the military space and continues to benefit from strong defense spending. The company’s customer base includes the U.S. Government, foreign governments and other commercial buyers. Lockheed’s traditional defense focus appears strong, with increasing interest from domestic and international customers.

In addition, management intends to explore strong business opportunities beyond the traditional defense market, specifically in the areas of civil, governmental and commercial space businesses. The company mainly competes with Boeing Company (BA), General Dynamics Corporation (GD), and Northrop Grumman Corporation (NOC).

Going forward, we believe Lockheed Martin has significant upside potential based on strong defense outlays throughout 2010–11, above-industry average return-on-invested-capital and expanding product lines.

However, these are offset by risks related to key projects execution, fate of high cost platform programs, lower top-line results in the Aeronautics segment, higher pension liability and a lower number of government satellite programs. We maintain our market Neutral recommendation on the Zacks #3 Rank (‘Hold’) stock.

Zacks Investment Research

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