Thursday, December 28, 2006
Lockheed Martin reaps $377 million bonus from Army deal modification
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Fresh on the heels of its big announcement regarding the contract to upgrade Turkey's F-16s, Lockheed Martin can add this additional gold-plated feather to its rising stock cap:
The U.S. Army has revised an existing contract with the company involving its Patriot PAC-3 missile program, which will result in a projected additional $376.9 million in revenue for the firm. According to projections made by the high-powered accountants, 53.6 percent of the work associated with the contracts will be performed in Lockheed's Grand Prairie facility. (Close enough for government work.)
With Lockheed stock shares already trading at an all-time high, this news could blast them into orbit.
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