Lockheed Martin Lands $822.5 Million in Defense Contracts Friday

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The Department of Defense announced 12 new defense contracts Friday, worth $1.07 billion combined. Lockheed Martin , the nation's largest pure-play defense contractor, captured four of them, including the day's biggest contract -- a monster $574.5 million deal to build Aegis weapon systems for the U.S. Navy. As for the company's (relatively) smaller wins, Lockheed Martin also won:

  • A $116.1 million cost-plus-incentive-fee contract modification paying for integration work on the U.S. Air Force Space and Missile Systems Center's Space Vehicle 4 (SV-4), putting the space vehicle (a new GPS satellite) into the launch vehicle. Lockheed will also receive funding to prepare for launch operations for the mission. This contract runs through July 31, 2019.
  • An $84.6 million contract modification funding production of Acoustic Rapid Commercial-Off-The-Shelf Insertion (A-RCI) sonar systems for the Navy. A-RCI is designed to integrate and improve towed array, hull array, sphere array, and other sonar sensor signals processing for U.S. nuclear submarines. Lockheed Martin is expected to complete work on this contract by September 2018.
  • A $47.3 million option exercise, tasking Lockheed Martin with supporting critical air, missile and space defense operations at the NORAD Cheyenne Mountain Complex and other NORAD locations through Sep. 30, 2014.

The article Lockheed Martin Lands $822.5 Million in Defense Contracts Friday originally appeared on Fool.com.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Lockheed Martin. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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