L3Harris Technologies, Inc. (LHX) Receives Multi-Year, $292M Javelin Solid Rocket Motor Contract

L3Harris Technologies, Inc. (NYSE:LHX) is among the 12 Best Defense Stocks to Buy Right Now. On September 15, the company announced that it had won a multi-year, $292 million contract for continued production of propulsion for the Javelin weapon system.

This is the largest propulsion production contract received so far for the program and represents a production extension for 5 years. Ken Bedingfield, President, Aerojet Rocketdyne, L3Harris Technologies, Inc. (NYSE:LHX) stated the following on the award:

“Javelin provides a key capability for the United States, allies and partners. Our ongoing investments in modernized solid rocket motor manufacturing will allow us to increase production capacity for Javelin by incorporating the latest advancements in automation into the motor casting and installation processes.”

The company has been increasing solid rocket motor production through several programs as part of internal investments in manufacturing and a cooperative agreement with the Department of War.

L3Harris Technologies, Inc. (NYSE:LHX) is also incorporating a completely digital workflow for Javelin production, allowing for real-time tracking of data to enhance quality monitoring capabilities and provide greater control over production speed.

While we acknowledge the potential of LHX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 15 Stocks ChatGPT Predicts Could Make You Wealthy in 5 Years and 11 Best Performing Defense Stocks to Buy Now 

Disclosure: None.