Lockheed gets $442 million Navy F-35 contract

WASHINGTON (Reuters) - Lockheed Martin Corp (LMT.N) has won a $441.9 million modification to a previously awarded U.S. Navy F-35 fighter contract, the Pentagon said on Thursday.

The modification changes a low-rate initial production "advance acquisition" contract to a "cost-plus-incentive-fee/award-fee contract," the Pentagon said in its daily contract digest. Under a cost-plus contract, the contractor is compensated in a way that equals its expenses plus a profit.

In addition, the change provides for logistics support and hardware for the sustainment of seven U.S. Air Force and one Dutch conventional take-off and landing aircraft; and seven U.S. Marine Corps and two UK short take-off vertical-landing aircraft, among other things, the Pentagon said.

The radar-evading F-35 is in the early stages of production.

(Reporting by Jim Wolf)