Jan 28 (Reuters) - An F-35 fighter jet crashed during a

training exercise at Eielson Air Force Base in Alaska on

Tuesday, but the pilot was safe after bailing out, base

officials said.

The pilot experienced an "in-flight malfunction," and was

able to eject from the aircraft, U.S. Air Force Colonel Paul

Townsend, commander of the 354th Fighter Wing, told a news

conference, according to a report from the Associated Press.

The crash happened while landing during a training

exercise, according to the report.

Eielson Air Force Base said in a statement that the incident

on Tuesday afternoon resulted in "significant damage" to the

F-35 Lightning II aircraft.

The pilot was safe and taken to Bassett Army Hospital,

according to the statement.

"I can assure you the United States Air Force will conduct a

thorough investigation in hopes to minimize the chances of such

occurrences from happening again," Townsend said in the

statement.

The F-35 is the most expensive U.S. defense program and

Lockheed Martin's ( LMT ) biggest revenue generator,

contributing about 30% of its bottom line.

Lockheed said earlier on Tuesday it would be less profitable

than expected in 2025, in part because of a delayed rollout of

upgrades to the F-35.

The Pentagon plans to spend $1.7 trillion on the F-35

program, including buying 2,500 planes in the coming decades.