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FLIR Systems, Inc. (FLIR - Analyst Report) announced that it received a contract from the U.S. Naval Surface Warfare Center, Crane Division, to support its Patrol boats with Electro-Optics Systems program.

The indefinite delivery and indefinite quantity contract is valued at $49.9 million and includes providing the Electro-Optics Systems to both the U.S. Coast Guard and U.S. Navy boats. FLIR intends to execute the work under this contract from its Billerica, MA facility and expects to complete the work by Sep 2018.  

The scope of the contract requires FLIR to provide a variant of its newly introduced SeaFLIR 280-HD maritime electro-optical/infrared imaging system. This advanced and state of the art imaging systems provide critical capability to improve navigation, intelligence, surveillance and reconnaissance.

The SeaFLIR 280-HD prototype is the world’s first all-high definition, multi-sensor, long range compact maritime surveillance and naval gunfire control system, which is expected to become the benchmark for optronics on Special Forces and naval patrol vessels.

This imaging system is primarily designed for naval forces who demand range and high definition (HD) imagery performance which are also compact. Therefore, the SeaFLIR 280-HD is the world’s first compact, maritime high definition electro optic/infrared (EO/IR) imaging sensor.

The SeaFLIR 280-HD has up to four individual HD, infrared (IR) day and low light cameras, and a Short-Wave Infrared (SWIR) spotter scope option. This ultra modern system allows the patrolling boats to detect small boat threats at ranges greater than 16km for 24 hours. Further, with the help of the SWIR technology, the users can more easily penetrate sea mist, smog, smoke and haze.

The U.S. military is one of the primary customers for FLIR’s  Government Systems division. This division offers high performance products including products used for surveillance, force protection, search and rescue, special operations and target designation. In the latest reported quarter, this division reported revenues of $167.5 million, rising 13% year over year. The increase was mainly due to impressive deliveries to the U.S. Customs and Border Protection, under the MSC program.

FLIR currently holds a Zacks Rank #3 (Hold). Other companies which look promising and are worth considering at the moment are Raytheon Co. (RTN - Analyst Report), Energy Recovery Inc. (ERII - Snapshot Report) and Sharps Compliance Corp. (SMED - Snapshot Report). All three carry a Zacks Rank #2 (Buy). 

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