ITT Corporation (ITT) has been awarded $43 million follow-on orders by the U.S. Army's Research, Development and Engineering Command Acquisition Center for the Enhanced Night Vision Goggle and associated spare parts.

Enhanced Night Vision Goggle optically combines an image intensification image, and proven thermal infrared technology, allowing for improved mobility and situational awareness—through clear target detection and improved target recognition.

ITT's Night Vision business, based in Roanoke, VA, is the world's leading developer, producer and supplier of head- and helmet-mounted night vision solutions and image intensifiers for U.S. and allied military forces as well as the homeland security market.

Subsequently, ITT Corp. also received a $29.2 million contract from the U.S. Navy to produce radar modification kits used aboard Navy ships. The radars enhance missile guidance capability, while the kits will increase operational availability and decrease operating and support costs, according to the government notice.

ITT Corporation is a high-technology engineering and manufacturing company with approximately 40,000 employees. Its portfolio of businesses is aligned with enduring, global growth drivers and is spread on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control.Its major competitors are Lockheed Martin Corporation (LMT) and Raytheon Company (RTN).

We currently have an Outperform Recommendation on ITT Corporation.