Lockheed Martin Corporation’s LMT business segment, Missiles and Fire Control (“MFC”), recently secured a modification contract to provide filed support (TFSC) contract for the Terminal High Altitude Area Defense (THAAD). The ordering period for this deal is from Mar 25, 2010 through Mar 31, 2019.Operations related to the contract will be carried out in Huntsville, AL; Sunnyvale, CA; Grand Prairie, TX; and Troy, AL.Details of the DealValued at $164 million, the contract was awarded by the Missile Defense Agency located in Huntsville. Notably, this modification will enhance the total ceiling value for this agreement from $561.2 million to $725.2 million. Lockheed Martin will utilize fiscal 2017, 2018, and 2019 operations and maintenance, and procurement funds to finance the task.Per the terms of the deal, Lockheed Martin will offer logistics performance requirements, forward stationing for theater support, logistics information capabilities, post deployment software support, product assurance, safety, missile support, security and engineering services. Also, the modification will include the International Engineering Services Program and Field Surveillance Program activity.Brief Note on THAADTHAAD system is an anti-missile system that uses a hit-to-kill approach to shoot down short, medium and intermediate ballistic missiles in their terminal phase. It is the only missile defense system with the operational flexibility to intercept both within and outside the earth’s atmosphere for providing versatile capability to war fighters.Impressively, the system has a track record of 100% mission success in flight testing since 2005.What’s Favoring Lockheed?Lockheed Martin’s MFC unit derives a major portion of its revenues from its air and missile-defense product line, with THAAD being a notable contributor. In the second-quarter, the MFC segment generated sales of $2.1 billion, which represented 15.6% of the company’s total sales. Notably, the company has been recently witnessing strong uptick in the overseas demand for its missile systems, particularly THAAD. To be more specific, higher demand is being observed from areas in the Asia-Pacific, Europe, and Middle East regions for this system.Being the Pentagon’s largest contractor, Lockheed Martin regularly wins contracts for its varied missile segments that include THAAD, AEGIS Ballistic Missile Defense and PAC-3 missiles. Moreover, the defense budget fiscal 2019 includes an investment plan of $1.7 billion for the procurement of 43 AEGIS Ballistic Missile Defense and $1.1 billion for 82 THAAD missiles.To this end, in April 2018, the company won a $200 million modification contract for PAC-3 and THAAD missiles segment. Also, in February, it clinched $524 million for the production of PAC-3 enhancement missiles. Such inflow of orders for its varied missiles boosts Lockheed Martin’s top line.Price PerformanceThe stock has gained about 2.5% over the last three months, outperforming the industry’s growth of 0.5%.Zacks Rank & Key PicksLockheed Martin currently carries a Zacks Rank #3 (Hold). Few better-ranked stocks in the same sector are Textron Inc. TXT, AeroVironment, Inc. AVAV, and American Outdoor Brands Corporation AOBC, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Textron pulled off an average earnings surprise of 20.44% in the trailing four quarters. The Zacks Consensus Estimate for 2018 earnings has moved 0.6% upward to $3.33 over the past 60 days.AeroVironment pulled off an average earnings surprise of 365.27% in the trailing four quarters. The Zacks Consensus Estimate for 2018 earnings has moved 22.5% upward to $1.36 over the past 60 days.American Outdoor Brands came up with an average positive surprise of 65.71% in the last four quarters. The Zacks Consensus Estimate for 2018 earnings has been revised 24.1% upward to 67 cents over the past 60 days.The Hottest Tech Mega-Trend of AllLast year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lockheed Martin Corporation (LMT): Free Stock Analysis Report AeroVironment, Inc. (AVAV): Free Stock Analysis Report American Outdoor Brands Corporation (AOBC): Free Stock Analysis Report Textron Inc. (TXT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research