Lockheed Martin (LMT) secures $101.5 million in Navy contracts

Investing.com -- Lockheed Martin (NYSE: LMT) has been awarded three U.S. Navy contracts totaling approximately $101.5 million for various naval combat systems and equipment.

The largest award is a $78.4 million modification to a previously awarded contract for Lockheed Martin Rotary and Mission Systems in Manassas, Virginia. This cost-plus-incentive-fee, fixed-price incentive, firm-fixed-price, and cost only modification will fund fiscal 2025 Hypervisor Technology Zero AN/SQQ-89A(V)15 surface ship undersea warfare combat systems and spares.

The work on this contract will be performed across multiple locations including Manassas, Virginia (70%), Lemont Furnace, Pennsylvania (15%), Syracuse, New York (13%), Clearwater, Florida (1%), and Owego, New York (1%). The project is expected to be completed by February 2028.

The second contract modification worth $13.1 million was awarded to Lockheed Martin Rotary and Mission Systems in Moorestown, New Jersey. This cost-plus-incentive-fee modification covers test procedures, test sequence network, and master test plans for Guided Missile Systems. The work will be carried out in New Jersey (57%), Virginia Beach, Virginia (24%), Marinette, Wisconsin (10%), and Washington, D.C. (9%), with completion expected by June 2026.

The third award is a $9.9 million firm-fixed-price modification for MK 41 Vertical Launching System module production and ancillary equipment. This work will be performed across multiple locations including Moorestown, New Jersey (31%), Indianapolis, Indiana (27%), and several other sites. The completion date for this contract is set for November 2029.

The Naval Sea Systems Command in Washington, D.C. is the contracting activity for all three awards. The funding for these contracts comes from various Navy fiscal year allocations, including shipbuilding and conversion funds and other procurement funds.

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