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Lockheed Martin Corp. (LMT - Analyst Report) has received a fixed-price contract worth $284.4 million for the supply of long lead parts for the fifth and sixth Geosynchronous Earth Orbit (“GEO”) satellites in the Space Based Infrared System (SBIRS) missile warning constellation.

Earlier, in Oct 2012, the company had received a contract to begin initial work on the fifth and sixth GEO satellites. Per the contract, the company had to complete non-recurring engineering activities on the satellites. They were also responsible for procuring select long lead spacecraft parts.

Per the current contract, the company is authorized to purchase the remaining long lead spacecraft components. Later, the company will receive a fixed-price contract for satellite production.

The SBIRS program provides resilient and improved missile warning capabilities to the military's missile defense, technical intelligence and battle space awareness mission areas with GEO satellites, hosted payloads in highly elliptical earth orbit, and associated ground hardware and software. Two HEO payloads and the first geosynchronous (GEO-1) satellite have already been launched. GEO-2 is expected to be released soon.

Meanwhile, the company has also received a five-year contract worth $100 million to provide combat system engineering services for all Aegis-equipped ships. Per the contract, the company will provide design, development, integration, test and life cycle support for the ships. Aegis is the world's premier combat system. Aegis-equipped ships are multi-mission surface combatants that can simultaneously attack land targets, submarines and surface ships.

The company seems to be loaded with a number of contracts. Recently, the company had also received funding in the amount of $696,629,123 for construction of two Littoral Combat Ships.

Lockheed Martin is a leader in combat systems integration and the development of integrated air and missile defense systems and technologies. The company makes significant contributions to most major U.S. missile defense systems, and participates in several global missile defense partnerships. It is the largest U.S. defense contractor with a platform-centric focus that guarantees a steady inflow of follow-on orders from a leveraged presence in the Army, Air Force, Navy and IT programs.

Going forward, we expect shareholder return to continue to be shored up by the company’s focus on debt repayment and its ongoing share repurchase program. The company presently retains a short-term Zacks Rank #2 (Buy).

Other stocks to consider are The Boeing Company (BA - Analyst Report), Rockwell Collins Inc. (COL - Analyst Report) and Alliant Techsystems Inc. (ATK - Analyst Report), all with a Zacks Rank #2 (Buy).

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