LONDONDERRY, N.H. - L3Harris Technologies (NYSE:LHX) has been awarded a $256 million contract by the U.S. Army to continue producing the Enhanced Night Vision Goggle – Binocular (ENVG-B). This order marks the commencement of the ENVG-B’s full-scale production under an Indefinite Delivery/Indeterminate Quantity (IDIQ) contract that could reach nearly $1 billion over the next decade.
The ENVG-B systems are designed to provide soldiers with superior situational awareness during nighttime and low-light operations. L3Harris has already supplied over 13,000 ENVG-B systems to the Army, contributing to the company's delivery of more than 20,000 advanced vision systems to military personnel globally.
Christopher E. Kubasik, Chair and CEO of L3Harris, expressed the company’s commitment to ensuring that U.S. soldiers maintain a technological edge over adversaries. Kubasik stated that their partnership with the Army and ongoing investments in technology would keep the ENVG-B system at the forefront of night-vision capabilities.
Senator Jeanne Shaheen, D-N.H., highlighted the importance of the Londonderry workforce in national security efforts and acknowledged her role in securing the award for the ENVG-B program. The senator emphasized her continued support in Congress for New Hampshire's role in developing essential military technology.
The ENVG-B systems are notable for their industry-leading Figure of Merit levels, which enhance the warfighter's ability to detect and identify targets at greater distances under challenging light conditions.
L3Harris Technologies positions itself as a "Trusted Disruptor" in the defense industry, focusing on delivering comprehensive technology solutions across various domains, including space, air, land, sea, and cyber, to address national security needs.
The information in this article is based on a press release statement from L3Harris Technologies.
InvestingPro Insights
In light of L3Harris Technologies' (NYSE:LHX) recent contract to produce Enhanced Night Vision Goggle – Binocular (ENVG-B) systems for the U.S. Army, investors may be interested in key financial metrics and projections that could impact the company's performance. According to InvestingPro data, L3Harris has a market capitalization of $38.88 billion and is trading at a price-to-earnings (P/E) ratio of 31.21. The company's revenue for the last twelve months as of Q4 2023 stands at $19.42 billion, with a notable growth of 13.81%.
The InvestingPro Tips suggest that L3Harris is a prominent player in the Aerospace & Defense industry and has a history of financial reliability, raising its dividend for 22 consecutive years and maintaining dividend payments for 54 consecutive years. Analysts also predict that the company will be profitable this year, which aligns with the company's positive net income growth expectation. The stock is known to trade with low price volatility, providing a sense of stability for investors. Additionally, L3Harris is profitable over the last twelve months and has delivered a high return over the last decade.
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