Cubic Corp the Big Winner as Pentagon Awards $660 Million in Defense Contracts

Lockheed Martin, L-3 Communications, Griffon Corporation, and Boeing also win work.

Jul 24, 2014 at 2:46PM

The Department of Defense awarded only nine defense contracts in its Wednesday evening announcement of contract awards. The total value of all contracts awarded was $660.2 million, but the vast majority of these funds were awarded through just one contract that went to Cubic Corp (NYSE:CUB).

This indefinite-delivery/indefinite-quantity contract, worth up to $500 million, hires Cubic to conduct J3/7 chemical, biological, radiological, nuclear, and high-yield explosive (CBRNE) exercises, and to perform capability assessments and training and development exercises for the U.S. Defense Threat Reduction Agency through July 2024.

Among the other publicly traded companies winning awards last night:

  • Lockheed Martin (NYSE:LMT) won a contract worth up to $40.7 million to produce for the U.S. Navy one multi-mission signal processor equipment set, plus ballistic missile defense 4.0.2 equipment, and Aegis Weapon System upgraded equipment needed to support fielding Aegis modernization for the fleet. Delivery is due March 2016.
  • L-3 Communications (NYSE:LLL) was awarded a $14.1 million contract modification to reconfigure and improve the arrangement of Tactical Operational Flight Trainer (TOFT) hardware and software used in training pilots to operate F/A-18E/F Super Hornet and EA-18G Growler aircraft. This work should be completed by June 2016.
  • Telephonics Corp., which S&P Capital IQ lists as a subsidiary of Griffon Corporation (NYSE:GFF), won a $13.2 million contract for work on the U.S. Air Force's Enhanced Mode S-FAA Radar and Enhanced Mode 5 Radar, and for procurement of long-lead material related to these systems. Work under this contract should continue through Nov. 20, 2017.
  • Boeing (NYSE:BA) was awarded a $7.7 million contract modification to perform maintenance and remanufacturing work on U.S. Navy F/A18 A-F fighter jets through July 2015.

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Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of L-3 Communications Holdings and 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.

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