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Aerospace defense company Lockheed Martin (LMT) - Get Lockheed Martin Corporation Report announced on Wednesday that it has secured an $86.5 million contract from the U.S. Navy and Air Force for its Long Range Missile (LRASM) production.

The agreement, which marks the first production award for the air-launched version of LRASM, includes 23 missiles and engineering support.

"This first production lot of LRASM brings a new level of capability to both the US Air Force and the Navy," said Mike Fleming, LRASM director at Lockheed Martin Missiles and Fire Control.

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"LRASM enables our warfighters to prosecute even the most advanced enemy ships," Fleming added.

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