ITT Corporation Gets Orders

ITT Corporation (ITT - Analyst Report) has been awarded a $19.3 million order from the U.S. Army's Research Development & Engineering Command Acquisition Center under the OMNI VII contract for AN/PVS-14 night vision monocular devices. Eighty percent of these goggles are required by the U.S. Air Force with the remaining quantities for the U.S. Navy and U.S. Army. 

The AN/PVS-14 is a high-performance, lightweight and reliable night vision monocular that provides enhanced resolution for mobility and target identification. These rugged devices can be hand-held, head- or weapon-mounted or fitted to a camera. The AN/PVS-14 operates on a single AA battery and are equipped with ITT's thin-filmed proprietary Generation 3 Pinnacle image intensifier tube. 

The Gen 3 Pinnacle tube has the ability to detect available light more than 10 times the power of previous generations. The company has also been awarded a $72 million Indefinite Delivery, Indefinite Quantity (IDIQ) contract for its Aviator's Night Vision Imaging Systems, night vision tubes and spare parts. 

The company has competitively won the entire IDIQ contract awarded by the U.S. Army Research Development and Engineering Command. ITT's Night Vision business, based in Roanoke , Va., is the world's leading developer, producer and supplier of head- and helmet-mounted night vision solutions and image intensifiers for U.S. and allied military forces, as well as the homeland security market. 

ITT has served the U.S. military with premier research, development, production and logistics for analog and digital fusion solutions for 50 years. ITT Corporation is a high-technology engineering and manufacturing company operating in all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. 

With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect the world. Major competitors are Raytheon Company (RTN - Analyst Report) and Lockheed Martin Corporation (LMT - Analyst Report). We currently have a Neutral recommendation on ITT.