Lockheed Martin Corp.’s LMT business division, Rotary and Mission Systems, recently secured a modification contract involving the Aegis Combat System. The award has been offered by the Naval Sea Systems Command, Washington, D.C.Details of the DealValued at $114.6 million, the contract is scheduled to be completed by December 2022. Per the terms, Lockheed Martin will manage AEGIS Combat System Engineering Agent efforts for the design, development, integration, test and delivery of Advanced Capability Build 20.Work related to the deal will be executed in Moorestown, NJ.Importance of Aegis Combat SystemManufactured by Lockheed Martin, Aegis Weapon System is the world’s premier naval air defense system and the sea-based element of the United States’ Ballistic Missile Defense System. A key component of this naval warfare system is the SPY-1 multi-function phased array radar, which is the world’s most advanced and versatile maritime radar. It is scalable to meet the mission needs for a range of ships from corvettes to aircraft carriers.Globally, the Aegis Weapon System is at sea or part of current new ship construction programs for more than 100 ships.Looking AheadCountries worldwide have been reinforcing their military resources due to intense geo-political tensions and amplified terrorist threats. This has spurred demand for missile systems. The United States, which is the largest exporter of military weaponries worldwide, is also focused on strengthening its military resources, with Aegis being one of the key defense programs. This is quite evident from the allotment of a $1 billion investment plan in the U.S. fiscal 2022 defense budget for Aegis Ballistic Missile Defense systems. So, we may expect a solid flow of contracts from the Pentagon involving Aegis systems.Price MovementIn the past year, shares of Lockheed Martin have lost 7.2% compared to the industry's decline of 33%.Image Source: Zacks Investment ResearchZacks Rank & Stocks to ConsiderLockheed Martin currently carries a Zacks Rank #3 (Hold).Some better-ranked companies in the same sector are Aerojet Rocketdyne AJRD, HEICO Corp. HEI and Airbus Group EADSY, all of which carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Aerojet Rocketdyne delivered an earnings surprise of 23.40% in the last-reported quarter. The Zacks Consensus Estimate for its current-year earnings has improved 3.6% over the last 60 days.Aerojet Rocketdyne’s third-quarter 2021 sales increased 3.3% year-over-year. AJRD has gained 13.6% in the past year.Heico delivered an average earnings surprise of 5.83% for the last four quarters. Heico’s third-quarter fiscal 2021 earnings per share of 56 cents surpassed the Zacks Consensus Estimate by 3.7% and improved 40% year-over-year.Heico’s third-quarter net sales increased 22.1% year over year to $471.71 million. HEI has gained 13% in the past year.Airbus delivered an average earnings surprise of 69.70% for the last four quarters. Airbus’ consolidated revenues, as of Sep 30, 2021, increased 17% on the back of improved jet deliveries.Airbus expects to deliver 600 commercial aircraft in 2021. EADSY has gained 13.8% in the past year. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>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 Airbus Group (EADSY): Free Stock Analysis Report Heico Corporation (HEI): Free Stock Analysis Report Aerojet Rocketdyne Holdings, Inc. (AJRD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research