Lockheed Still Tops Defense Contractors

Lockheed Martin Corp. is the No. 1 U.S. defense contractor for the seventh straight year, after receiving $14.7 billion in fiscal 2001 contracts, according to a new Defense Department ranking of the top 10 contractors.

Bethesda, Md.-based Lockheed Martin, which saw its share price rise 46% in the last 12 months, has been ranked No. 1 in the U.S. since fiscal 1995.

Boeing Co., with $13.3 billion in contracts, retained its ranking as the No. 2 contractor for the fourth consecutive year.

Standard & Poor’s on Tuesday cut Boeing’s credit rating one notch to A-plus, its fifth-highest investment grade, citing falling demand for new airplanes because of the Sept. 11 attacks and the soft global economy.

Newport News Shipbuilding Inc., which was taken over by Northrop Grumman Corp. late last year, ranked third with $5.9billion in contracts. Raytheon Co., with $5.6 billion in contracts, ranked No. 4. Northrop Grumman ranked No. 5 after receiving $5.2billion in contracts.

General Dynamics Corp. ranked sixth with $4.9 billion in contracts, United Technologies Corp. was No. 7 with $3.8 billion and TRW Inc. was No. 8 with $1.9 billion.

Science Applications International Corp. tied with General Electric Co. for the No. 9 and No. 10 spots with $1.7 billion each in Pentagon contracts.