Lockheed Snags $174.7 Million Worth of Pentagon Contracts
On Friday, the Department of Defense awarded world-largest pure-play defense contractor Lockheed Martin four separate contracts worth a combined $173.7 million. Among these:
- The biggest win went to Lockheed's Space Systems division, which will receive $105.9 million to provide "logistics support, legacy sustainment, and combined task force support" for the Space Based Infrared Systems project -- at least its fourth such award in the past three months. Work on this contract should be completed by Sept. 30, 2016.
- Lockheed won a second, smaller award for $32.8 million to conduct "special studies, analyses, and reviews for the Littoral Combat Ship (LCS) program." Lockheed will be focusing on solving "engineering and production challenges" and evaluating "cost and schedule risks" arising from efforts to cut costs on the program, which is currently overbudget. This contract has a March 2014 complete date.
- The company's Mission Systems and Sensors division was awarded a sole source, cost-plus-award-fee contract modification worth $24 million, exercising an option to "support advanced concepts initiatives" for the Aegis Ballistic Missile Defense Program Office. This contract runs through Dec. 31.
- Finally, and mysteriously, Lockheed won an $11 million Defense Advanced Research Projects Agency, or DARPA, award. An award for what is the question. DOD says only that "the statement of work for this effort is classified."
The article Lockheed Snags $174.7 Million Worth of Pentagon Contracts 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 don't 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.