L-3 Communications Holdings Inc. (LLL) has received a $104 million contract to perform aircraft sustainment for the U.S. Navy’s fleet consisting of P-3, EP-3 and NP-3 aircraft. The contract awarded to L-3 Communications’ Platform Integration division was an add-on to a previous program awarded to the company in 2005.
Under the contract, L-3 Communications will identify possible defects in airframes through inspection and provide services to correct them. The company will work on all types, models and series of P-3 aircraft in the 147-aircraft U.S. Navy fleet.
L-3 Communications’ Sustainment, Modification and Installation program (SMIP) work includes a range of aircraft sustainment and modernization activities including P-3 outer wing refurbishment, P-3 outer wing installation, special structural inspection kits (SSI-Ks), phased maintenance inspections (PMIs), and modification/installation programs (MIPs).
L-3 Communications has been providing aircraft modification services for more than 60 years, modifying hundreds of P-3 aircraft for customers throughout the world. The company has provided services to varied customer groups including the U.S. Navy, U.S. Customs and Border Protection, Australia, Canada, Greece, Korea and New Zealand.
L-3 Communications’ dedicated wing refurbishment facility and workforce with current P-3 experience, as well as critical tooling, data and material necessary to support all P-3 initiatives stand testimony to its present experience and capability.
Based in New York City, L-3 Communications is a leading supplier of a broad range of products and services used in a number of aerospace and defense platforms. The company operates through its wholly owned subsidiary, L-3 Communications Corporation. It competes with Honeywell International Inc. (HON), and Raytheon Company (RTN).
L-3 Communications presently retains a short-term Zacks #2 Rank (Buy). We maintain our long-term Neutral recommendation on the stock.
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