Harris Corp Receives Military Contract Worth $1.7 Billion

Harris Corporation (NYSE:HRS) has gained a single-award follow-on contract from the U.S. Army Communications-Electronics Command (“CECOM”). The five-year contract, worth $1.7 billion, pertains to the provision of secure tactical communication solutions and is part of the Foreign Military Sales (FMS) program.

The new contract will broaden Harris’ product and service offerings for its international customers. According to the contract, Harris will provide various tactical communication networks, secure radio communications as well as embedded high-grade encryption solutions that cover its complete tactical communications offerings.

Recent Contracts and Partnerships

Harris has been awarded several other noteworthy contracts of late. Most recently, the company bagged a $15 million contract to supply tactical communications equipment to a Middle East nation. This contract requires Harris to provide tactical radios, management systems and field support services for the ground segment of the country’s aviation force.

The company’s communications division, Harris CapRock Communications, was selected by Genting Corporate Services (HK) Limited to enhance communication systems on its Star Cruise fleet of ships and improve bandwidth capacity by 300%.

Harris also entered into a strategic partnership with Brocade Communications Systems (NASDAQ:BRCD) to form cybersecurity solutions that would help enhance protection of an organization’s important assets.

Earlier this month, the company received a $30 million follow-on contract from the U.S. Army Dental Directorate to provide IT systems and support services for dental clinics serving the U.S. Army, Navy and Air Force personnel and dependants globally.

This renowned technology solutions and equipment provider company currently carries a Zacks Rank #3 (Hold).

Key Stock Picks

Investors interested in the broader solutions and wireless equipment provider segment can consider some better-ranked stocks such as Clearfield Inc. (NASDAQ:CLFD) and Sonus Networks (NASDAQ:SONS) . Both stocks hold a Zacks Rank #2 (Buy).