Pentagon Awards $760 Million in Contracts

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The U.S. Department of Defense awarded a total of only eight contracts on Tuesday, yet still managed to spend more than $760 million in the process. A single contract awarded to Textron consumed the bulk of the funds -- $641 million worth. Among the other winners:

  • Raytheon (NYSE: RTN  ) won a $28 million "option" exercise on a preexisting contract to supply MK54 Mod 0 lightweight torpedo kits and related engineering and repair services to the U.S. Navy. Raytheon will produce 150 torpedo kits under this option exercise, delivering them by November 2016.
  • Britain's BAE Systems (NASDAQOTH: BAESY  ) was awarded a contract modification adding 106 work items to the list of repairs to be made on the guided missile destroyer USS Chafee (DDG 90) while it is in dry dock. This work, which will be performed on location in Pearl Harbor, Hawaii, should be completed by February 2014.
  • And the Berger Cummins joint venture between privately held consulting firm The Louis Berger Group and Cummins' (NYSE: CMI  ) Power Generation subsidiary was awarded a firm-fixed-price, option-eligible contract worth up to $8 million to provide 30 megawatts of temporary power to U.S. forces stationed at Bagram Airfield, Afghanistan. 

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Rich Smith

I like things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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