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L3Harris (LHX) Wins Service Deal for Space Fence System
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L3Harris Technologies, Inc. (LHX - Free Report) recently clinched a modification contract for providing sustainment services for four Space Fence Systems. The deal has been awarded by the Space Systems Center Directorate of Contracting, Peterson Space Force Base, Colorado Springs, CO.
Valued at $17 million, the contract is expected to be complete by Jan 31, 2024. The work related to this deal will be carried out in Colorado Springs, CO; Kwajalein Atoll, the Republic of the Marshall Islands; Eglin Air Force Base, FL; and Huntsville, AL.
The latest modification has brought the cumulative face value of the contract to $705.9 million.
What’s Favoring L3Harris?
The rise in security threats has led to increased defense spending on arms and ammunition and advanced technologies that ensure efficient surveillance. Amplified spending on advanced radar technology, such as the Space Fence System, has also been witnessed to track objects in space.
The Space Fence System is a state-of-the-art ground-based network of S-band radars specifically developed to significantly improve and strengthen the Air Force’s space surveillance capabilities. It is an innovative and adaptable end-to-end system that provides unparalleled capabilities to meet the operational requirements of the military.
Buoyed by such abilities, the Space Fence System’s demand is likely to witness a significant rise in the days ahead. This should result in an inflow of services contracts for LHX, like the latest one, with the company being a trusted provider of sustainment engineering services and one-of-a-kind solutions for U.S. space domain awareness and space control. Such contract wins should bolster the revenue generation prospects of the company.
Peer’s Focus on the Space Fence System
Considering the enhancing market for space surveillance, Lockheed Martin (LMT - Free Report) , America’s largest defense contractor, has been successful in developing an affordable Space Fence, which will enable the U.S. Space Force to see significantly more with better accuracy, precision and timeliness. With the initial operational capability milestone, Space Fence now provides crucial support for military and commercial space operations.
It will provide long-term benefits for the United States and its allies as space grows increasingly congested and contested. Lockheed Martin boasts a long-term earnings growth rate of 6.2%.
Price Movement
In the past six months, shares of L3Harris have increased 1.4% against the industry’s fall of 3.1%.
The Zacks Consensus Estimate for Sidus’ 2023 sales calls for a growth rate of 42.1% from the prior-year reported figure. The Zacks Consensus Estimate for SIDU’s 2024 sales indicates a growth rate of 56.4% from the prior-year estimated figure.
The Zacks Consensus Estimate for Sidus’ 2023 earnings suggests an improvement from the prior-year reported figure.
The long-term earnings growth rate for Virgin Galactic is projected at 40.9%. The Zacks Consensus Estimate for Virgin Galactic’s 2023 sales calls for a growth rate of 236.5% from the prior-year reported figure.
The Zacks Consensus Estimate for SPCE’s 2024 sales implies a growth rate of 281.9% from the prior-year reported figure.
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L3Harris (LHX) Wins Service Deal for Space Fence System
L3Harris Technologies, Inc. (LHX - Free Report) recently clinched a modification contract for providing sustainment services for four Space Fence Systems. The deal has been awarded by the Space Systems Center Directorate of Contracting, Peterson Space Force Base, Colorado Springs, CO.
Valued at $17 million, the contract is expected to be complete by Jan 31, 2024. The work related to this deal will be carried out in Colorado Springs, CO; Kwajalein Atoll, the Republic of the Marshall Islands; Eglin Air Force Base, FL; and Huntsville, AL.
The latest modification has brought the cumulative face value of the contract to $705.9 million.
What’s Favoring L3Harris?
The rise in security threats has led to increased defense spending on arms and ammunition and advanced technologies that ensure efficient surveillance. Amplified spending on advanced radar technology, such as the Space Fence System, has also been witnessed to track objects in space.
The Space Fence System is a state-of-the-art ground-based network of S-band radars specifically developed to significantly improve and strengthen the Air Force’s space surveillance capabilities. It is an innovative and adaptable end-to-end system that provides unparalleled capabilities to meet the operational requirements of the military.
Buoyed by such abilities, the Space Fence System’s demand is likely to witness a significant rise in the days ahead. This should result in an inflow of services contracts for LHX, like the latest one, with the company being a trusted provider of sustainment engineering services and one-of-a-kind solutions for U.S. space domain awareness and space control. Such contract wins should bolster the revenue generation prospects of the company.
Peer’s Focus on the Space Fence System
Considering the enhancing market for space surveillance, Lockheed Martin (LMT - Free Report) , America’s largest defense contractor, has been successful in developing an affordable Space Fence, which will enable the U.S. Space Force to see significantly more with better accuracy, precision and timeliness. With the initial operational capability milestone, Space Fence now provides crucial support for military and commercial space operations.
It will provide long-term benefits for the United States and its allies as space grows increasingly congested and contested. Lockheed Martin boasts a long-term earnings growth rate of 6.2%.
Price Movement
In the past six months, shares of L3Harris have increased 1.4% against the industry’s fall of 3.1%.
Image Source: Zacks Investment Research
Zacks Rank
L3Harris currently carries a Zacks Rank #3 (Hold). Two better-ranked stocks in the same industry are Sidus Space (SIDU - Free Report) and Virgin Galactic (SPCE - Free Report) , each carrying a Zacks Rank #2 (Buy) You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Sidus’ 2023 sales calls for a growth rate of 42.1% from the prior-year reported figure. The Zacks Consensus Estimate for SIDU’s 2024 sales indicates a growth rate of 56.4% from the prior-year estimated figure.
The Zacks Consensus Estimate for Sidus’ 2023 earnings suggests an improvement from the prior-year reported figure.
The long-term earnings growth rate for Virgin Galactic is projected at 40.9%. The Zacks Consensus Estimate for Virgin Galactic’s 2023 sales calls for a growth rate of 236.5% from the prior-year reported figure.
The Zacks Consensus Estimate for SPCE’s 2024 sales implies a growth rate of 281.9% from the prior-year reported figure.