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Lockheed Martin Corporation (LMT - Analyst Report) received a string of Department of Defense (DoD) contracts totaling $64.4 million. The DoD handed out 15 individual contracts of which Lockheed clinched 20%.

The biggest contract received by Lockheed was valued at $30.3 million for the modification of Mission Avionics Systems and Common Cockpits for MH-60R Sikorsky Seahawk helicopters. This contract was an extension of the previous firm-fixed-price agreement between Danish military and Lockheed for the delivery of nine Mission Avionics Systems and Common Cockpits under the U.S. foreign military sales (FMS) program. The systems are expected to be supplied by Apr 2018.

The company secured another international contract from the Royal Saudi Air Force for the supply of 95 Sniper Advanced Targeting Pods, 70 Infrared Search and Track (IRST) systems, 35 Compact Multiband Data Link systems, 75 IRST pylons and spare parts. The contract is valued at $21.4 million and is anticipated to be concluded in Dec 31, 2019.

The final contract worth $12.7 million was awarded by the U.S. Air Force for retrofitting F-22 Raptor fighter jets. Per the deal, Lockheed will supply 72 retrofit kits, other support equipment as well as spares to modify the F-22’s automatic back up life support system.

This contract was awarded to Lockheed in response to the complaints filed by F-22 pilots regarding breathing problems. The modifications are expected to be completed by May 30, 2015.

Lockheed has received a number of contracts, big and small, in the past few months. The most significant is the $320 million contract for offering improved communications reliability, survivability, and information capabilities to the Air Force’s IT communications center in Washington D.C.

Recent domestic contract wins by Lockheed have been mostly low-priced given the threat of budget sequestration in the U.S. However, this will be countered by more FMS contract wins owing to rising security issues that will keep the company well positioned.

Lockheed’s diversified operations focusing on ISR, unmanned systems, force protection, cyber security, and missile defense will further fetch orders in the upcoming quarters.

Presently, Lockheed carries a Zacks Rank #3 (Hold). Other operators in the defense sector looking good are Zacks Ranked #2 (Buy) Boeing Company (BA - Analyst Report), Northrop Grumman Corp. (NOC - Analyst Report) and Raytheon Company (RTN - Analyst Report). Based in Bethesda, Md., Lockheed currently has a market capitalization of $33.63 billion.

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