L3 Technologies, Inc. (NYSE:LLL)
Historical Stock Chart
1 Year : From Jul 2017 to Jul 2018
L3 Technologies (NYSE:LLL) announced today that its WESCAM business has
won multiple MX™-Series electro-optical/infrared (EO/IR)
product and in-service support contracts year-to-date from military and
airborne law enforcement customers totaling more than $300 million in
orders. This reflects a heightened demand and sales momentum for L3’s
market-leading imaging systems for Unmanned Aircraft System (UAS)
platforms, as well as from Original Equipment Manufacturers (OEMs) and
customers in North and South America, Asia, Europe, Africa, Australia
and the Pacific Rim region.
“We are very pleased that customers around the world look to L3 for the
essential ISR technologies required to keep missions moving forward,”
said Christopher E. Kubasik, L3’s President and Chief Operating Officer.
“The collective orders for 2017 reaffirm that we are not only creating
and investing in the right products, but also that we’re aligning our
offerings with our customers’ needs.”
“L3 WESCAM’s MX-Series offers critical EO/IR imaging capabilities that
are mission-proven,” said Jeff Miller, L3’s Senior Vice President and
President of its Sensor Systems business segment. “We are also committed
to providing customers with a much-valued support infrastructure that
maintains the full functionality of MX products through their life
cycle. We expect this demand to continue through the remainder of the
Increased Demand for Unmanned Aircraft Systems
The demand for L3 WESCAM’s EO/IR turrets for use on board UAS platforms
continued to grow, with more than 60 units ordered for deployment across
six countries. The systems will support worldwide defense and security
missions from six different UAS platforms that are active across both
land and maritime domains. Systems ordered include surveillance and
targeting configurations consisting of the small and tactical MX™-10
through L3’s largest and most powerful MX product, the MX™-25.
MX Systems Remain Key Solution Components for Industry OEMs
L3 was awarded a number of contracts that continue to expand the
company’s presence on industry-leading OEM platforms. By the end of
June, more than 60 MX systems were ordered from a collection of eight
global OEM customers. Fitted to both fixed- and rotary-wing manned and
unmanned platforms, the systems will support EO/IR surveillance and
targeting missions for end users who operate across 10 different
countries. MX systems are commercial-off-the-shelf products that are
delivered on a short timeline, complete with all the technologies needed
to fulfill the mission profiles required by OEMs and their customers.
Additional Growth for In-Service Support Business
L3 experienced a steady growth of in-service support contracts from
customers that operate military platforms equipped with MX-Series
systems fielded across the U.S. and U.K. One of the orders included a
five-year in-service support plan (one base year and four option years)
for the MX systems procured for the U.S. Air Force’s AC-130 gunship
program. These systems will be maintained out of several L3 WESCAM
Authorized Service Centers (WASCs) located in the U.S.; the Eglin,
Hurlburt and Cannon Air Force Bases; and the Dahlgren System Integration
Laboratory. This is the second five-year term option the Air Force has
executed in support of the AC-130 gunship program.
L3 WESCAM is a world leader in the design and manufacture of stabilized,
multi-spectral imaging systems. To learn more about L3 WESCAM, please
visit the company’s website at www.WESCAM.com.
Headquartered in New York City, L3 Technologies employs approximately
38,000 people worldwide and is a leading provider of a broad range of
communication, electronic and sensor systems used on military, homeland
security and commercial platforms. L3 is also a prime contractor in
aerospace systems, security and detection systems, and pilot training.
The company reported 2016 sales of $10.5 billion.
To learn more about L3, please visit the company’s website at www.L3T.com.
L3 uses its website as a channel of distribution of material company
information. Financial and other material information regarding L3 is
routinely posted on the company’s website and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation Reform
Act of 1995Except for historical information contained herein,
the matters set forth in this news release are forward-looking
statements. Statements that are predictive in nature, that depend upon
or refer to events or conditions or that include words such as
“expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,”
“will,” “could” and similar expressions are forward-looking statements.
The forward-looking statements set forth above involve a number of risks
and uncertainties that could cause actual results to differ materially
from any such statement, including the risks and uncertainties discussed
in the company’s Safe Harbor Compliance Statement for Forward-Looking
Statements included in the company’s recent filings, including Forms
10-K and 10-Q, with the Securities and Exchange Commission. The
forward-looking statements speak only as of the date made, and the
company undertakes no obligation to update these forward-looking
View source version on businesswire.com: http://www.businesswire.com/news/home/20170921005765/en/