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IEC Electronics stock jumps after it wins $50 million-plus contract from a US defense contractor

The multi-year contract continues IEC's work with a program associated with secured communications equipment for US aircraft, ground vehicles and surface warships

The New York-based company provides electronic-manufacturing services to the defence, industrial, and aerospace sectors

IEC Electronics Corp (NYSEAMERICAN:IEC), a provider of electronic-manufacturing services, announced Wednesday that it has won from a Tier 2 US defense contractor a multi-year contract valued at more than $50 million.

Following the company’s announcement, IEC’s stock traded up 9.6% to $6.60 on higher-than-average volume.

IEC, based in New York, said the contract win expands IEC’s participation with a program its has been working with for several years.

READ: Tel-Instrument Electronics secures $615,000 order from major military customer in the Asia-Pacific region

The company’s role began with a single service line, but now under the new contract it will support the entire outsourcing of the program that’s associated with secured communications equipment for U.S. aircraft, ground vehicles and surface warships, according to a statement.

“We believe the award of this contract for this innovative military communications product is validation of our ability to meet and exceed our customer’s expectations,” said CEO Jeffrey Schlarbaum. 

Founded in 1966, IEC Electronics Corp, together with its subsidiaries provides electronic manufacturing services in the United States. It serves the defence, medical, industrial, and aerospace sectors.

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Quick facts: IEC Electronics

Price: 7.9 USD

Market Cap: $83.41 m

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