Lockheed Martin receives 2 contracts from Army

Lockheed Martin receives 2 contracts from Army totaling $161.7 million

Associated Press

ORLANDO, Fla. (AP) -- Aerospace and defense contractor Lockheed Martin said Wednesday that it received two contracts from the Army worth a total of $161.7 million to continue upgrades to an Apache helicopter program.

The pact includes 482 Modernized Day Sensor Assembly Modernized Laser Rangefinder Designator kits and spares. The Army ordered 92 kits and spares a year ago and the first of those kits and spares will be delivered early this year.

The contracts give Lockheed Martin Corp.'s missiles and fire controls facilities in Ocala and Orlando, Fla., production work through 2016's third quarter.

Last month Lockheed Martin reported that its fourth-quarter net income fell 17 percent, but the Bethesda, Md., company issued better-than-expected profit guidance for the current year.

Its stock fell 41 cents to $86.85 in afternoon trading. Broad market indicators were narrowly mixed.

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