M-Tron Industries Inc. (AMEX:MPTI) shares are trading higher on Tuesday after the company announced that it received a multi-million dollar contract from a major U.S. defense program.
The Details: The newly received $10 million contract with a U.S. Department of Defense prime contractor supports a major air defense program and includes the order of several products, such as high-performance radio frequency filters and precision clock oscillators.
In addition to these products, M-Tron supplies a broad range of components for other defense systems, including precision-guided munitions, radars, electronic warfare systems, airframes, drones, autonomous vehicles, and space and satellite platforms.
"This award is a testament to MtronPTI's ability to design and produce in high volume, superior custom products that meet the demanding needs of our customers," said Michael Ferrantino, CEO of MtronPTI.
"We are proud to be part of this program and the security of our nation."
The air defense program, which supports both the U.S. and allied nations, is expected to continue production beyond 2029. Work under this contract will take place in Orlando, Florida, through mid-2026.
Related Link: Decoding MicroStrategy's Options Activity: What's the Big Picture?
MPTI Price Action: At the time of writing, M-Tron stock is trading 6.83% higher at $52.25, according to data from Benzinga Pro.
Image: via Shutterstock
