Lockheed Martin Lands $611 Million Patriot Missile Contract

Company tops it off with a second, smaller award for SeaHawk helicopter radar parts.

Mar 28, 2014 at 10:41PM

The Department of Defense worked overtime Friday, awarding 34 separate defense contracts in 24 hours. Total value: $1.46 billion.

The biggest award by far went to defense contractor Lockheed Martin (NYSE:LMT), recipient of a $610.9 million contract modification on a foreign military sales contract to supply PATRIOT anti-aircraft missiles and related equipment to the Emirate of Kuwait.

Lockheed won the original contract back in December -- a $263.4 million award to sell Kuwait fourteen four-packs of Patriot missiles, plus seven launcher modifications kits, with a June 30, 2016 due date. Today's modification adds 92 single-pack PATRIOT missiles, 50 more launcher modification kits, plus associated ground equipment, tooling, and initial spare parts.

Although the numbers do not exactly match up, the Pentagon notes that the total value of this contract to Lockheed Martin is now $873.8 million, including the original contract and today's modification. The new deadline for delivery has also been moved up a bit, to May 31, 2016.

Additionally, Lockheed Martin was awarded a $13.1 million firm-fixed-price delivery order to supply the government of Australia with 19 radar receiver processors used aboard MH-60R Sikorsky SeaHawk helicopters. Delivery on this foreign military sales contract is due March 2017.

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 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.

4 in 5 Americans Are Ignoring Buffett's Warning

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Jun 12, 2015 at 5:01PM

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David Hanson owns shares of Berkshire Hathaway and American Express. The Motley Fool recommends and owns shares of Berkshire Hathaway, Google, and Coca-Cola.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.

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