What austerity measures affecting military spending? That is what Oshkosh Corporation (NYSE: OSK) may be asking. The U.S. Department of Defense has awarded the Oshkosh Defense unit a contract for the Joint Light Tactical Vehicle program’s Engineering, Manufacturing and Development phase.
In a press release this morning, the report shows that this JLTV program aims to replace many of the U.S. military’s aged Humvees with a lightweight vehicle that offers greater protection, mobility and transportability. Lockheed Martin (NYSE: LMT) and privately held AM General are the other two companies sharing in this award.
The JLTV is managed by the Joint U.S. Army and U.S. Marine Corps program as part of the Army’s Program Executive Office for Combat Support and Combat Service Support. The financial terms are dwarfed by the longer-term possibilities here because Oshkosh will deliver 22 Oshkosh-designed and manufactured JLTV prototypes within 365 days of the contract award, and support government testing and evaluation of the prototypes.
Oshkosh shares are higher by 1.3% and Navistar International Corporation (NYSE: NAV) is getting just one more black eye with its shares down by almost 4% at $23.94.
JON C. OGG
Find a Qualified Financial Advisor (Sponsor)
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
