Magazine article National Defense

Lockheed Martin's Defense Contracts Exceed $12B in '98

Magazine article National Defense

Lockheed Martin's Defense Contracts Exceed $12B in '98

Article excerpt

For the fourth year in a row, Lockheed Martin Corporation,based in Bethesda, Maryland, received the most dollars in contract awards from the Defense Department.

The company in Fiscal Year 1998 received $12.3 billion in contracts compared to $11.6 billion the previous year. The Pentagons prime contract awards in Fiscal Year 1998 totaled $118.1 billion, $1.4 billion more than Fiscal Year 1997.

Lockheed Martin's slice of the pie was distributed throughout 26 divisions and subsidiaries-taking up approximately 10 percent of the Pentagon's total spending.

The Boeing Company, Seattle, and Raytheon Corporation, headquartered in Lexington, Massachusetts, finished in second and third place with $10.9 billion and $5.7 billion, respectively. Together, the top three defense contractors took up more than 24 percent of the business year's total.

Boeing-which also finished second last fiscal year--experienced a $1.3 billion increase, while Raytheo-fifth place in Fiscal Year 1997-practically doubled its intake with a $2.8 billion increase.

Rounding out the top 10 were General Dynamics Corporation, Falls Church, Virginia, with $3.7 billion; Northrop Grumman Corporation, Los Angeles, with $2.7 billion; United Technologies Corporation, Hartford, Connecticut, with $2 billion; Textron Inc., Providence, Rhode Island, with $1.8 billion; Litton Industries Inc., Arlington, Virginia, with $1.6 billion; Newport News Shipbuilding Inc., Newport News, Virginia, with $1.5 billion; and TRW Inc., Redondo Beach, California, with $1.3 billion. Newport News Shipbuilding jumped to the ninth spot after coming in 16th in Fiscal Year 1997, and TRW entered the top 10 in the lOth position after finishing 14ththe previous year.

Other companies that surpassed the billion dollar milestone include The Carlyle Group with $1.3 billion, Science Applications International Corporation with $1.2 billion, and General Electric Company Inc. with around $1.2 billion

Not far behind were Humana Inc. with $868 million, GTE Corporation with $787 million, YET Industries Inc. with $781 million, The General Electric Company plc with $732 million, Allied Signal Inc. with $655 million, Computer Sciences Corporation with $647 million, and Foundation Health Systems Inc. …

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