The Pentagon awarded $661 million in new defense contracts yesterday to diverse companies like Goodwill Industries and Lockheed Martin (NYSE: LMT). You can probably guess which of those two won the bigger contract.
Actually, make that contract-s, because Lockheed Martin won two of them, including the biggest deal for the day. The first was $431.2 million in additional funding needed to purchase "production non-recurring items" such as special tooling and test equipment to be used on the "Lot IX" batch of F-35 stealth fighter jets. Lockheed Martin is under contract to deliver this lot of aircraft to the United States Air Force, Navy, and Marine Corps, to partner nations also working on the F-35 project, and to non-affiliated foreign military buyers as well.
Additionally, the company won a $32.3 million contract to provide engineering services in support of the Navy's P-3 Orion "Fatigue Life Management Program," keeping track of, and when possible working to mitigate the stress put on the airframes of P-3 Orion patrol aircraft. In addition to the Navy, Lockheed will provide these services to other users of the plane, including the National Oceanic and Atmospheric Administration (NOAA), the National Aeronautics and Space Administration (NASA), the U.S. Customs Border Protection (CBP) -- and the governments of Australia, Canada, Germany, New Zealand, and Norway.
Similarly, Northrop Grumman was awarded $34.3 million in additional funds on a contract to provide logistics support to U.S. Air Force KC-10 aerial refueling planes.
And of course, there was Goodwill Industries, which won $26.4 million to provide grounds maintenance services at the Air Force's Joint Base San Antonio-Lackland, Texas.
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Rich Smith has no position in any stocks mentioned.