Lockheed Martin wins $1.08 billion in defense contracts

Investing.com -- Lockheed Martin Corp. (NYSE: LMT) secured two defense contracts worth a combined $1.08 billion, the U.S. Department of Defense announced.

The company's Missiles and Fire Control division in Orlando, Florida, received an $826 million modification to an existing contract for the Joint Air-to-Surface Standoff Missile and Long Range Anti-Ship Missile Large Lot procurement. The modification increases the total contract value to $10.48 billion from $9.65 billion. Work will be performed in Orlando and is expected to be completed by July 31, 2030.

The contract modification will be funded through a combination of fiscal 2024, 2025, and 2026 appropriations across multiple categories, including missile procurement, weapons procurement, research and development, and operations and maintenance. Foreign Military Sales funds totaling $11.1 million are also included. The Air Force Life Cycle Management Center at Eglin Air Force Base, Florida, serves as the contracting activity.

Separately, Lockheed Martin's Liverpool, New York facility was awarded a $257.3 million modification to a previously awarded contract for the MK 48 Heavyweight Torpedo program. The contract covers production, spares, production support material, engineering support, and hardware repair of components for the MK 48 MOD 7 Heavyweight Torpedo All Up Round.

Work under the torpedo contract will be divided among Liverpool, New York (57%), Clearwater, Florida (37%), and Braintree, Massachusetts (6%). The contract is expected to be completed by September 2029. The contract includes purchases for the U.S. Navy, the Royal Australian Navy, and Foreign Military Sales program participants. Naval Sea Systems Command in Washington, D.C., is the contracting activity. The contract was awarded on Sept. 3, 2026.

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