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Lockheeds Wins $20 Million for IT and Patriot Missile Work

Lockheed Martin (NYSE: LMT  ) claimed 10% of the 20 contracts the Pentagon awarded Monday, winning a total of about $20 million in new government work. Specifically:

  • Lockheed's Integrated Systems unit was awarded $8 million as a modification to a previously awarded cost-plus-fixed-fee contract to provide information technology services to Army offices at the Pentagon, and elsewhere in the National Capital Region. The Department of Defense confirms that this award raises the cumulative face value of this contract to $49.7 million.
  • Lockheed also won a cost-plus-fixed-fee contract to perform support services in the field upon PATRIOT Advanced Capability-3 (PAC-3) surface-to-air-missile batteries. This contract is valued at up to $12 million. Work is to be performed both domestically in Dallas, El Paso, and Killeen, Texas, and in Lawton, Okla., and Fayetteville, N.C., but also abroad at locations in Kuwait, Qatar, Bahrain, the United Arab Emirates, Germany, South Korea, Japan, and Turkey. DoD did not classify this contract award as a foreign military sales contract, however, suggesting the foreign work will be done at U.S. Army bases abroad. 

Lockheed describes the PAC-3, a "hit-to-kill" missile, as "the world's most advanced, capable, and powerful terminal air defense missile" and bills it as capable of shooting down everything from aircraft and cruise missiles to tactical ballistic missiles.

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9/26/2016 10:05 AM
LMT $246.21 Up +0.37 +0.15%
Lockheed Martin CAPS Rating: ****