IEC Electronics Stock Increased 6.45%: Why It Happened

By Amit Chowdhry ● Jul 7, 2021
  • The stock price of IEC Electronics Corp (NASDAQ: IEC) increased by 6.45%. This is why it happened.

The stock price of IEC Electronics Corp (NASDAQ: IEC) increased by 6.45%. Investors appear to be responding positively to IEC Electronics announcing that it has been awarded a multi-year contract, valued in excess of $45 million, from a Tier 2 Department of Defense contractor. 

This award is known as a follow-on order extending IEC’s participation with a program it has supported for several years. And in 2019 the contractor awarded IEC the entire outsourcing of this program associated with secured communications equipment for U.S. aircraft, ground vehicles, and surface warships.

KEY QUOTE:

“We are pleased to have received this contract extension from a valued, longstanding customer, which we believe demonstrates their recognition of our capabilities and expertise as an advanced manufacturing partner for high complexity, life-saving and mission critical programs. Since the beginning of the relationship, IEC has consistently performed to rigorous standards, from our initial role working with a single service line, to our current role supporting their entire life-cycle outsourcing needs. As a 100% U.S.-based manufacturer with a full portfolio of vertically integrated production services, IEC is a particularly attractive partner for companies in the aerospace and defense industry and we welcome this opportunity to continue to support a premier defense contractor.”

— Jeffrey T. Schlarbaum, President and CEO of IEC Electronics Corp.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.