Textron Inc. (TXT) said that a contract option exercised by the U.S. Army requires Textron’s Marine & Land Systems unit to deliver about 65 additional M1117 Armored Security Vehicles (ASVs). The option exercised by the U.S. Army Contracting Command, Warren, Michigan, is valued at around $49.6 million.
The Armored Security Vehicle is a 4X4 wheeled vehicle that offers significant crew protection through its V-shaped hull design, and employment of multiple layers of armor, defending against small arms fire, artillery projectile fragments, Improvised Explosive Devices (IEDs) and land mines. The armored vehicles perform a variety of missions including scout, infantry personnel carrier, reconnaissance, command and control and maintenance.
U.S. Army ASV missions include operations with the Military Police, convoy protection, perimeter security, as well as Field Artillery Combat Observation and Lasing Teams (COLT) with the M1200 Armored Knight configuration.
Textron said the vehicles under the contract will be manufactured at its facilities in New Orleans. The diversified manufacturer has a track record of producing nearly 3,161 ASVs for the U.S. Army, and has achieved 68 consecutive months of on-time delivery to the Army on the ASV program.
Based in Providence, Rhode Island, Textron Inc. is a global multi-industry company that manufactures aircraft, automotive engine components and industrial tools.
Textron is scheduled to release its second quarter 2011 financial results on Wednesday, July 20, 2011.
Textron presently expects 2011 earnings per share in the range of $1.00 to $1.15 taking into consideration top-line growth at its manufacturing segments. The Zacks Consensus Estimates for second quarter 2011, fiscal 2011 and fiscal 2012 earnings per share are currently 24 cents, $1.13 and $1.83, respectively.
Textron shares retain a Zacks #4 Rank (short-term Sell rating). We presently have a long-term Neutral rating on the stock. The company competes with General Electric Co. (GE) and United Technologies Corp. (UTX).
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