Force Protection receives order from U.S. Marine Corps
Shares of Force Protection, Inc. (Nasdaq: FRPT) are getting pummeled in pre-market trading despite the manufacturer of ballistic and blast protected vehicles’ positive announcement that it received a $379 million order for an additional 358 Mine Resistant Ambush Protected Category I and Category II vehicles from the U.S. Marine Corps Systems Command, which is acting as the lead contracting agency for the Department of Defense.
In related activities, the small cap reported that foreign military sales have also been approved to the United Kingdom and Italy for approximately 300 Cougar and Buffalo vehicles. These contracts have a combined estimated value of $150 million, and include spare parts and sustainment items.
Investors are disappointed with the size of the order and FRPT share have tumbled 28.93%, or $1.71, to $4.20 ahead of the opening bell. Shares of Force Protection have been trading in the range of $4.52 to $31.16 for the past 52 weeks.
