Lockheed Martin NYSE:LMT secured a $3 billion U.S. Army contract to manufacture Sentinel A4 radar systems and provide related engineering services, according to a Tuesday Defense Department contract release.
The fixed-price-incentive, cost-no-fee award covers production of the Army's next-generation air and missile defense radar. Work locations and funding will be assigned with individual orders, while the agreement is scheduled to run through June 29, 2031. The U.S. Army Contracting Command is overseeing the program.
Separately, Lockheed Martin received a $103.9 million contract modification supporting the F-100 mid-life upgrade program for the Kingdom of Spain. The funding will cover long-lead materials, initial engineering activities and the establishment of a test site. About $51.4 million was obligated at the time of award, and the funding will remain available beyond the current fiscal year. The work is expected to be completed by June 2027, with the Naval Sea Systems Command managing the contract.
Lockheed Martin shares climbed about 1.5% in Tuesday trading following the contract awards.