Updated July 4, 2014 7:24 a.m. ET
The Pentagon late Thursday grounded its entire fleet of Lockheed Martin Corp. LMT +0.58% Lockheed Martin Corp. U.S.: NYSE $159.90 +0.92 +0.58% July 3, 2014 1:02 pm Volume (Delayed 15m) : 674,940 AFTER HOURS $159.90 0.00 0.00% July 3, 2014 1:52 pm Volume (Delayed 15m): 12,250 P/E Ratio 16.23 Market Cap $51.05 Billion Dividend Yield 3.33% Rev. per Employee $390,765 07/04/14 Pentagon Grounds F-35 Fighter ... 07/03/14 Lockheed's F-35B Jet Not Ready... 07/02/14 Britain Frets Over Cost of Res... More quote details and news » F-35 Joint Strike Fighter jets as it investigates the cause of a June 23 engine fire on one of the planes.
Additional inspections of the jets, which aren't yet in service, have been ordered following initial findings of the accident probe, the Defense Department said in a statement. "Return to flight will be determined based on inspection results and analysis of engineering data."
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The F-35, the Pentagon's most expensive weapons program at $399 billion, has been beset by problems that have included failing tires, engine oil leaks and issues with pilot helmets. Development costs have risen and the military services due to operate the jet have had to delay plans to operate the plane. The U.S. Marine Corps, the first user, wants the jets to be ready by next summer.
The exact cause of the engine fire on an F-35A at Eglin Air Force Base in Florida is still not known. "Determining the root cause and potential mitigating actions have the highest priority of the F-35 enterprise," the program office overseeing the jets said in a separate statement.
The inspections have put in jeopardy a plan by the Pentagon and Lockheed Martin to have the F-35 make its overseas airshow debut this month in Britain. "Preparations continue for F-35 participation in international air shows in the United Kingdom, however a final decision will come early next week," the Pentagon said.
"We will contribute to the return to flight determination, and will aim to do what is prudent for the enterprise at large without compromising the ongoing mishap investigation," said U.S. Air Force Lt. Gen. Chris Bogdan, the government's F-35 program boss.
Britain is the largest international partner in the F-35's development program. The country has bought four test planes, though a decision to buy operational jets remains pending. The U.K. is buying the F-35B jump-jet version the Marine Corps also will operate.
The Pentagon already has had to scratch the plan to have the F-35B participate in Friday's naming ceremony of the Britain's newest aircraft carrier, the H.M.S. Queen Elizabeth. The ship is due to start sailing in 2020, carrying F-35B jets.
Lockheed Martin wasn't immediately available for comment on Friday.
Write to Robert Wall at robert.wall@wsj.com
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