Lockheed Martin Corp.’s LMT business segment, Rotary and Mission Systems, clinched a modification contract involving the littoral combat ship (LCS) program. The Naval Sea Systems Command, Washington, D.C. awarded the deal. Details of the DealValued at $80 million, the contract is expected to get completed by October 2022. Per the terms, Lockheed will offer LCS class design services and integrated data and product model environment support.The majority of the work related to the deal will be carried out in Hampton, VA and Moorsetown, NJ.Littoral Combat Ship’s SpecialtiesThe LCS is a fast, highly maneuverable, networked surface combat ship, which is a specialized variant of the family of U.S. future surface combat ships, known as DD(X). The LCS is equipped to operate in the coastal waters and can counter growing potential threats from coastal mines, quiet diesel submarines and others. The LCS can serve surface, anti-submarine and mine countermeasure missions.Growth ProspectsThe fiscal 2022 defense budget outlines a spending plan of $34.6 billion for shipbuilding, reflecting a 7.1% increase from the prior fiscal’s tally. Such expansionary budgetary allocations should enable Lockheed Martin to procure more significant contracts related to combat ships like the latest one in the future.Looking ahead, per Technavio, the global shipbuilding market is expected to witness a CAGR of 2.7% over the 2021-2025 period to reach $13.24 billion. This, in turn, should potentially boost the demand for various assault ships, including the LCS combat ships. Such projections are expected to benefit Lockheed Martin, going forward.Other Defense Majors to BenefitIn line with the aforementioned favorable market projections, major defense players, especially those which manufacture warships like Huntington Ingalls HII, General Dynamics GD and Bae Systems PLC BAESY should also benefit, going ahead.Huntington Ingalls is known for specializing in manufacturing amphibious assault and expeditionary ships and provides more than 70% of ships to the U.S. Navy. Likewise, General Dynamics' National Steel and Shipbuilding Company (NASSCO) has an extensive history of designing, building and repairing ships for the U.S. government and commercial customers.Bae Systems PLC is also poised to benefit as it specializes in providing maintenance and modernization programs to support ships and equipment in service across the globe.Price PerformanceIn the past year, Lockheed Martin’s shares have lost 8.2% compared with the industry’s 9.4% decline.Image Source: Zacks Investment ResearchZacks RankLockheed Martin currently carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>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 General Dynamics Corporation (GD): Free Stock Analysis Report Bae Systems PLC (BAESY): Free Stock Analysis Report Huntington Ingalls Industries, Inc. (HII): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research