Lockheed Martin Corp. (NYSE: LMT) took the top spot for defense-based contracting revenue in fiscal year 2011, according to a Bloomberg Government analysis posted on Federal News Radio.
Following the Bethesda, Md.-based company was Boeing (NYSE: BA), General Dynamics (NYSE: GD), Raytheon (NYSE: RTN) and Northrop Grumman Corp. (NYSE: NOC).
Northrop, ranked fifth in defense procurement revenues, plans to recognize sales as units delivered instead of as costs incurred.
Bloomberg’s Sopen Shah noted this change is in anticipation of the Defense Department’s move from contracts that reimburse suppliers for costs regarding the F-35.
Boeing, ranked second in defense-related revenue, received 38 percent of its 2011 revenue from the U.S. government, while the remaining five firms receive 70 percent of more of their revenue from government sales.
The Chicago-based firm announced Wednesday it won $368 million to update avionics and communications systems on U.S. and NATO aircraft.