LMT - Lockheed Martin secures $143.09M Navy contract modification

2023-03-17 02:26:35 ET

• Lockheed Martin ( NYSE: LMT ) was awarded a $143.09M cost-plus-incentive-fee contract modification to previously awarded contract to exercise options for Navy equipment and spares.
• Work is expected to be completed by February 2031.
• FY23 other procurement funds in the amount of $81.35M; FY23 shipbuilding and conversion funds in the amount of $59,48M and FY22 shipbuilding and conversion funds in the amount of $2,253,093 will be obligated at time of award and will not expire at the end of the current fiscal year.
• The Naval Sea Systems Command is the contracting activity.

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