Pentagon Awards $923 Million in Defense Contracts

Cubic Corp, Exelis, Sysco, Northrop Grumman, Lockheed Martin, and Great Lakes Dredge and Dock all win work.

Jun 30, 2014 at 11:59AM

Closing out last week with a bang, the Department of Defense awarded 29 separate defense contracts in its Friday evening announcement of contract awards. The total value of contracts awarded came to $923.2 million.

Among the publicly traded companies winning contracts:

  • Cubic Corp (NYSE:CUB) was awarded a $78.2 million contract modification to continue providing theater-specific, mission rehearsal, foreign security, and other combat training to the U.S. Army's Joint Readiness Training Center at Fort Polk, La. This contract will now continue in force through June 30, 2015.
  • Great Lakes Dredge and Dock Company (NASDAQ:GLDD) won a $19.9 million contract to work on the North Carolina Highway 12 Protection Project in Dare County, N.C. through Oct. 31, 2014.
  • Exelis (NYSE:XLS) won a $15.3 million contract to perform design, engineering analysis, and program work on, then manufacture and test, an upgrade of three components for the AN/ALQ 99 tactical jamming system used on the EA-6B Prowler and EA-18G aircraft electronic warfare aircraft. The government of Australia will pay 90% of the cost of this partial-foreign military sales contract. Work should be completed by June 2017.
  • Lockheed Martin (NYSE:LMT) was awarded a $13.6 million contract modification to provide training materials, instructor services, program management, training systems, and related services in support of the U.S. Navy's Center for Surface Combat Systems. This contract also involves a foreign military sale to, and will be partially paid by, Australia. It will run through September 2016.
  • Sysco (NYSE:SYY) won a contract to provide up to $9.8 million worth of food and beverage support to U.S. Army, Navy, Air Force, and Marine Corps locations in Virginia through June 30, 2014.
  • Northrop Grumman (NYSE:NOC) was awarded an $8.5 million contract modification to continue providing engineering and software sustainment services in support of the Fire Scout MQ-8B Vertical Take-off and Landing UAV through November 2014.

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Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Sysco. The Motley Fool owns shares of Lockheed Martin and Northrop Grumman. 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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