Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Lockheed Aegis Contract Value Passes $331 Million

The U.S. Department of Defense has awarded Lockheed Martin (NYSE: LMT  ) a $79.7 million modification, increasing the funding limit on a contract originally given to the company in August 2010 .

The contract in question hires Lockheed to install, integrate, and test performance of the Aegis Ashore Missile Defense System (AAMDS) at the Pacific Missile Range facility in Kauai, Hawaii, and also at a facility in Deveselu, Romania.

Aegis Ashore, which is run by the U.S. Missile Defense Agency, is described as being the land-based component of a project to beef up the shipborne Aegis air defense system into the much broader Aegis Ballistic Missile Defense System. If completed, the system is expected to use Standard Missile-3 missiles, plus AN/SPY-1 radar systems, to defeat both short- and intermediate-range ballistic missile threats.

Originally funded for $69.8 million in 2010, subsequent increases in the AAMDS budget -- including this latest contract -- have lifted the total contract value for Lockheed past $331.8 million. Lockheed is expected to complete performance of this latest segment of the contract by July 31, 2015. However, it can expect to continue collecting revenues from work on this system far longer than that. Installation of the AAMDS system is not expected to be complete before 2021.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2327208, ~/Articles/ArticleHandler.aspx, 9/28/2016 1:09:49 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,215.27 -13.03 -0.07%
S&P 500 2,156.84 -3.09 -0.14%
NASD 5,299.25 -6.46 -0.12%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/28/2016 12:54 PM
LMT $245.14 Down -0.65 -0.26%
Lockheed Martin CAPS Rating: ****