Pentagon Awards $1.09 Billion in Defense Contracts Thursday

General Dynamics, Huntington Ingalls, and Boeing win contracts.

Jan 9, 2014 at 8:52PM

The Department of Defense awarded 10 new defense contracts Thursday, worth $1.094 billion in total. One single company, United Technologies, won half the dollar value of the day's contracts with a deal to supply the U.S. Navy with 37 helicopters. But it wasn't the only winner:

  • General Dynamics' (NYSE:GD) Electric Boat subsidiary was awarded a $15 million contract modification funding the acquisition of integrated tube and hull long-lead-time materials needed to build submarines for the Ohio Class Replacement Program. This contract funds purchases benefiting both the U.S. Navy and the British Royal Navy, in equal measure, and will run through November 2016.
  • America's other major military shipbuilder, Huntington Ingalls (NYSE:HII), was awarded a for-now unpriced "contract action" potentially worth up to $8.2 million. These funds will pay for the procurement of spare parts, through September 2015, needed to complete construction of the new nuclear aircraft carrier USS Gerald R. Ford (CVN 78).
  • Boeing (NYSE:BA) won a $7.1 million firm-fixed-price contract to support logistics for the Combat Survivor Evader Locator (CSEL ) program from 2014-2017. This particular contract only funds Boeing's operations through Dec. 31, 2014, however. CSEL is best understood as a survival radio system for downed pilots, providing secure, unjammable radio communication between survivors of a crash and their rescuers, combined with a precise geo-positioning function for locating the survivors so that a combat search-and-rescue team can quickly locate and rescue them.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of General Dynamics. 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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