Wow, just look at that. That bomb had to be absolutely huge, but look at how unscathed the hull and crew compartment looks. These vehicles are amazing. No doubt in my mind that all would be dead if it were a hummer.
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U.S. Senator and Democratic presidential candidate Joe Biden (R) talks with an unidentified soldier inside a Mine Resistant Ambush Protected (MRAP) vehicle during a demonstration in Ramadi in this handout taken on September 6, 2007 and released September 7, 2007
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posted
So is the lack of contracts awarded due to the testing for EFP resistance, the inability to transport finished MRAPs, or something completely different? There's a lot more contracts to be awarded. I have the feeling that, since they're behind on getting the MRAPs into theater anyhow, they're waiting to see which company has the better EFP protection. Any ideas?
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Big Battle for Force Protection ( Business News By Melissa Davis Senior Writer 9/20/2007 6:06 AM EDT
OKLAHOMA CITY -- Force Protection (FRPT) fans have high hopes for the next stage in the government's armored-vehicle procurement effort.
Billions of dollars will be at stake in a program now widely called MRAP II. The big-budget sequel to the Mine-Resistant Ambush-Protected vehicle program funds the purchase of vehicles that can protect U.S. soldiers deployed overseas from threats like mines and bombs.
Force Protection landed a big role in the original MRAP program. But with the curtain set to rise on MRAP II, Force Protection may be forced to share the spotlight with deep-pocketed rivals including Navistar (NAVZ) and a new venture formed by Oshkosh (OSK) and Ceradyne (CRDN) .
Ladson, S.C.-based Force Protection believes it is up to the task, but some observers suspect the result will be even more pressure on Force Protection's once-highflying stock.
"Even as talk of pulling out of Iraq grows louder, the military has been recruiting other, bigger contractors to help with production," The Wall Street Journal noted earlier this month. "The big companies are diversified builders of everything from ships and Gulfstream jets to dump trucks, while tiny Force Protection largely owes its existence to building MRAPs for the U.S. military's campaign in Iraq. ... More than its rivals, Force Protection's volatile shares waver on the news of MRAP awards going to other contractors."
Just compare the stock charts of General Dynamics (GD) and Force Protection, for example. The two companies rank as equal partners in a joint venture competing for MRAP awards. But General Dynamics depends on MRAP business far less, so it trades within a few dollars of its all-time high. Force Protection, up 7 cents to $15.98 on Tuesday, has lost half its stock-market value after hitting a record earlier this year.
That steep decline actually emboldens Force Protection bulls, though.
"The stock is cheap virtually no matter what [earnings] assumptions one makes," C.E. Unterberg Towbin analyst James McIlree said last month. "This is the type of environment the [big players] wait for to make acquisitions, when a stock tumbles and much of the risk has been taken out of the shares."
McIlree has a buy recommendation and a $32 price target on Force Protection's stock. His firm has investment banking ties to the company.
Looking ahead, McIlree calls MRAP II "the next battlefield" for Force Protection. Given its strong performance and production record so far, he feels that Force Protection should enjoy a definite edge in that fight.
Meanwhile, Force Protection has been loudly reminding the military of its strengths. This summer, the company launched an advertising campaign targeting the likes of Defense News and Military Times that touts "the unmatched battlefield performance" of its popular MRAP vehicles.
"Our business is the protection of our troops facing deadly explosive threats on a daily basis," stated Force Protection Vice President Michael Aldrich. "We feel it is important for them to know that there is a proven solution that is being manufactured and delivered as quickly as possible to support them in their critical mission."
Force Protection has been making those claims for some time, even as rivals like Navistar have managed to land huge contracts and meet tough production deadlines to boot.
Going forward, two newcomers -- Oshkosh and Ceradyne -- hope to snag a piece of the action as well. Their new vehicle, known as the Bull, can withstand hits from powerful "explosively formed penetrators" and is therefore considered an early favorite for MRAP II awards. Still, the companies are realistic about their odds.
"While Oshkosh is optimistic about its chances to play a larger role in MRAP II ... it believes that competitors currently building MRAP I vehicles may have an advantage," Robert W. Baird analyst Robert McCarthy wrote this month. Still, "management appears confident it has learned from its MRAP I experiences and that its proposal for MRAP II will be considerably stronger."
McCarthy has an outperform rating and a $75 price target on Oshkosh's stock, which rose 3.5% to $56.55 on Tuesday. His firm has investment banking ties to the company.
Ceradyne, which tapped Oshkosh as its partner earlier this year, clearly expects the Bull to burst onto the MRAP scene. The company -- already the top supplier of body armor for U.S. soldiers in Iraq -- stands to pick up some new followers if that happens.
"Vehicle armor represents a large new potential market," Morgan Joseph analyst Michael French stressed when initiating coverage of Ceradyne last month. French, whose firm seeks to do business with the companies it covers, has a hold recommendation on Ceradyne now -- but he indicates that could change.
"If ... the company is successful in its vehicle armor initiatives -- and that becomes evident this fall -- we would become more aggressive on the shares," he wrote.
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posted
Steady, under-the-radar gains. Looks like Melissa has lost her touch. Tim, how many beers did it take to say that?
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posted
Force Protection May Win New Truck Orders, SunTrust Predicts By Edmond Lococo
Sept. 26 (Bloomberg) -- Force Protection Inc., the largest supplier of blast-resistant trucks to the U.S. Marine Corps by vehicles delivered, may win more orders in the next two months as the Pentagon seeks to extend production into next year.
The Defense Department may award total orders for 1,500 to 2,000 trucks in October, followed by another 7,000 vehicles in November, wrote Chris Donaghey, an analyst with SunTrust Robinson Humphrey in Atlanta, in a note to clients today.
To read the Bloomberg summary, and other Force Protection-related news, go to
posted
Her tune's a changin' --------------------------------------------
Force Protection Rolls Again
By Melissa Davis
Senior Writer
After slipping into reverse this summer, Force Protection (FRPT - Cramer's Take - Stockpickr - Rating) is on a roll again.
Force Protection's stock has been zooming forward, rising 30% over the past two weeks alone amid mounting hopes for new orders of the company's popular Mine-Resistant Ambush-Protected vehicles. With the U.S. government set to approve billions of dollars in new funding for MRAP vehicles -- and the military halting plans for a rival vehicle program -- Force Protection could soon see demand for its powerful trucks grow even stronger.
While it faces stiff competition from Navistar (NAVZ - Cramer's Take - Stockpickr) and a new duo formed by Ceradyne (CRDN - Cramer's Take - Stockpickr - Rating) and Oshkosh (OSK - Cramer's Take - Stockpickr - Rating), Force Protection enjoys some major opportunities right now. The U.S. is currently fielding bids for so-called MRAP II vehicles, with the first orders expected to be placed as early as next month. Meanwhile, the government has delayed a high-profile Humvee-replacement program -- calling for new "Joint Light Tactical Vehicles" -- and potentially opened new doors for Force Protection in the process.
"In our opinion, this move benefits FRPT in two ways," SunTrust Robinson Humphrey analyst Chris Donaghey wrote on Wednesday. "First, it likely extends the longevity of the MRAP program, which could mean MRAP production extends beyond 2008. Second, it allows more time for FRPT to complete the development of its Cheetah vehicle, see it fielded domestically and internationally and continue the spiral development process to add capabilities.
Although Cheetah is not officially the JLTV, a delay in JLTV opens the door for FRPT to begin capturing this market well before JLTV arrives."
Donaghey recommends buying Force Protection's stock, which he values at $36 a share, in anticipation of big gains. His firm has investment banking ties to the company.
Sneak Preview
Force Protection shares, which fetch around $21 following their September rally, peaked above $30 a share this spring, when the company still looked poised to monopolize the MRAP program. But the stock lost serious ground as competitors, such as Navistar and BAE, started winning big contracts.
Still, under MRAP II, some foresee a better scenario ahead.
"We ... expect to see the competitive field narrowed to three vendors, with FRPT and Navistar likely as the dominant players followed by BAE as a smaller third player," Donaghey wrote this week. "Consequently, FRPT's market share of MRAP should once again increase, providing a significant positive catalyst for the stock."
But some see a fresh competitor bursting onto the MRAP scene instead. They feel that the new Ceradyne-Oshkosh team -- touting a next-generation MRAP vehicle known as the Bull -- will snag some big orders going forward.
Certainly, the two companies themselves feel optimistic enough. JMP Securities analyst Jason Simon noted as much after paying a visit to Ceradyne's military vehicle manufacturing center in Michigan this summer.
For starters, Simon stressed, Ceradyne has hired a strong manager with "extensive experience in bringing vehicles from prototype to production." Meanwhile, he said, Ceradyne has already welcomed Oshkosh engineers to its own vehicle armor facility and integrated the computer design systems for both companies. Moreover, he added, Ceradyne has leased a big new production facility and started lining up suppliers to boot.
"Our takeaway from the visit was very positive, as it indicated that Ceradyne has all the components in place that position it favorably for a vehicle armor award," wrote Simon, whose firm makes a market in the company's securities. "With the potential for short-term catalysts in the near future, [including] the company's first major vehicle armor order, we believe Ceradyne's currently depressed stock price offers investors an attractive entry point."
Thus, he stated, "we maintain our market-outperform rating and $85 target price" on the shares.
Ceradyne's stock, hit by concerns about the company's body armor business this summer, fetched less than $65 a share at the time of Simon's report. But it has since recovered strongly and currently trades near the high end of its 52-week range.
P.S. Even in a recession, this stock could still make you money!
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------------- Analyst Upgrades Force Protection to 'Outperform,' Expects Vehicle Orders to Rise
NEW YORK (AP) -- A Friedman Billings Ramsey analyst upgraded Force Protection Inc.'s stock Monday, saying he expects the U.S. and other governments to place more orders for the company's armored vehicles. ADVERTISEMENT
Force Protection shares climbed 17.9 percent last week, rising with other defense stocks after Pentagon officials requested nearly $190 billion in military funding in 2008, $42 billion more than previous estimates.
Of that $42 billion, $11 billion would be used to order 7,000 additional mine resistant ambush protected vehicles.
On Wednesday, analyst Patrick McCarthy upgraded the stock to "Outperform" from "Market Perform," and lifted his target price to $25 from $18. He said the Defense Department will order 1,500 more mine resistant vehicles this year, giving Force Protection a total of 8,000 orders to fill.
"In the near term, we anticipate an MRAP vehicle contract for at least 465 vehicles, but based on the company's production potential, we also believe that number could be materially higher," he said.
The British government could order more than 80 Mastiff vehicles over the next few months, he added, on top of an existing order of 110 vehicles.
Force Protection shares rose $1.56, or 7.2 percent, to $23.22 Monday.
posted
I was never out, even though I should have taken some profits when it hit the 30's. This is great to see that it turned the corner.
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posted
Looks like the money to replace all up-armored humvees with MRAPs has become a reality! Does anyone know of a snag in this bill that will make Bush veto it?
Huge! Where will FRPT stock go Tuesday? I pray this ISN'T people have been buying FRPT in anticipation of and now will sell on the news. $23,600,000,000. That's a lot of digits to be handed out.
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posted
Pre-market is rocking! -----------------------
Force Dynamics, LLC Breaks Production Records in SeptemberLast update: 10/2/2007 9:02:01 AM
LADSON, S.C., Oct 02, 2007 (BUSINESS WIRE) --
Force Dynamics, LLC--a joint venture between leading defense manufacturers Force Protection, Inc. (FRPT) and General Dynamics Land Systems, a business unit of General Dynamics Corporation (GD)--today announced record vehicle production numbers for the month of September.
Force Dynamics produced more than 115 Mine Resistant Ambush Protected (MRAP) Category I and Category II Cougar vehicles in the past month, exceeding delivery objectives and MRAP contract requirements.
To date, Force Dynamics is ahead of schedule on its Category I and Category II MRAP competitive contracts for the year. "We are pleased to note that our production and delivery performance continues to surpass expectations," said Force Protection CEO Gordon McGilton. "Our long experience has shown us which manufacturing processes and methods best lead to success in producing this life-saving technology. Combining these efforts with the expertise and capacity of General Dynamics has resulted in a potent partnership that is getting this battlefield solution to the warfighter faster than ever before."
The Pentagon has ordered more than 1,900 of Force Protection's Cougar and Buffalo vehicles to support its MRAP program requirements to date. The Cougar and Buffalo vehicle series have been deployed in Iraq and Afghanistan since 2003, and have withstood thousands of explosive attacks.
About Force Protection Inc. Force Protection, Inc., first to answer the call to duty for the urgent need to bring lifesaving mine-resistant ambush protected vehicles to U.S. troops in combat and an American company whose vehicles, Cougar and Buffalo, have a proven track record where it matters most; in the battlefield, manufactures ballistic- and mine-protected vehicles through its wholly-owned subsidiary. These specialty vehicles protect against landmines, hostile fire, and Improvised Explosive Devices (IEDs, commonly referred to as roadside bombs). Force Protection's mine and ballistic protection technologies are among the most advanced in the world. The vehicles are manufactured outside Charleston, S.C. For more information on Force Protection and its vehicles, visit . About General Dynamics General Dynamics Land Systems, a business unit of General Dynamics (GD), designs, manufactures and supports land and amphibious combat systems for the U.S. Army, U.S. Marine Corps, and allied nations. Headquartered in Falls Church, Va., General Dynamics employs approximately 82,900 people worldwide and expects 2007 revenue of approximately $27 billion. The company is a market leader in mission-critical information systems and technologies; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and business aviation. More information on General Dynamics can be found online at . This press release contains forward-looking statements that involve risks and uncertainties. The Company generally uses words such as "believe," "may," "could," "will," "intend," "expect," "anticipate," "plan," and similar expressions to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in the Company's Form 10-K and other reports filed with the Securities and Exchange Commission. Although management believes the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and the Company's future results, levels of activity, performance or achievements may not meet these expectations. The Company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in expectations, except as required by law. SOURCE: Force Dynamics, LLC Policy Impact CommunicationsJeff Child, 202-737-5339
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posted
I see in Cramer's transcript of mad money he was bearish on FRPT, but there's no description of why. Anybody see it? I know, I know, who gives a sh!t about what Cramer thinks, I'm just curious is all.
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posted
More Armor for U.K. Troops MoD Seeks to Expand Cougar Fleet; Needs Pentagon To OK Vehicle Diversion
By ANDREW CHUTER
LONDON — Britain will more than double its protected patrol vehicle fleet by adding 148 Force Protection Cougar vehicles, whose purchase is now being negotiated with the U.S. government. Under what is essentially a mirror image of the U.S. Mine Resistant Ambush Protected (MRAP) requirement, the British military has already acquired 108 modified Cougars — which they call the Mastiff —for use in Iraq and Afghanistan. Now the British want more to fill an ur¬gent operational requirement to better protect troops fighting the Taliban in south¬ern Afghanistan, industry sources said.
The British Treasury is clamping down on spending on urgent requirements, but it ap¬pears the upcoming Cougar deal has been approved. But the British requirement for rapid de¬livery could pose a different kind of problem. If the British are to get their order quick¬ly, the Pentagon will need to allow Force Protection to divert vehicles from produc¬tion lines that are already red-hot from building vehicles for the U.S. military. The company has an MRAP deal to deliver more than 1,900 Cougar and Buffalo vehicles.
The Pentagon allowed such a diversion for the first British order, and the British hope it will again allow something similar despite the high U.S. priority on MRAP production.
So far there is no firm order signed for the additional six-wheel-drive Cougars, al¬though a deal may be imminent, industry sources say. The contract is a government-to-govern¬ment agreement signed as part of the U.S. Foreign Military Sales process.
A British Ministry of Defence (MoD) spokesman declined to confirm interest in buying more Cougars.
A Force Protection spokesman said the company had no official information re¬garding further British interest in Cougar.
The first vehicles were ordered in July 2006, deliveries got under way in late December, and the last of the 108 arrived in Britain for modification in June. As of early September, more than 80 of the vehicles were in service. The Mastiff is an uparmored version of the Cougar fitted with the Army’s new Bowman tactical communications system and elec¬tronic countermeasures. The modifications were undertaken here.
Most of the early deliveries ended up in Iraq, but as the British draw down their ef¬fort in the Basra region of the country, the requirement has swung toward Afghanistan, where improvised explosive devices (IEDs) have caused several deaths.
One industry source here said Force Pro¬tection may also be providing Cheetah light tactical four-wheel-drive vehicles for a British special forces requirement.
The vehicle was displayed at the recent Defence Systems & Equipment Internation¬al (DSEi) show in London. Ostensibly, that was part of the company’s effort to secure an order from the British for the Medium Protected Patrol Vehicle (MPPV) require¬ment. But it now appears Force Protection may have had a second requirement in mind when it exhibited Cheetah.
The British in April kick-started the MPPV requirement to purchase 180 mini-MRAP type vehicles of about 14 tons to sit between the Mastiff and the much lighter Pinzgauer Vector patrol vehicle.
Interest in MPPV High, but Some Confusion The requirement attracted a huge amount of interest, with BAE Systems, Force Pro¬tection, JCB, Krauss Maffei-Wegmann, Mac¬Neilie, NP Aerospace, Rafael and Thales among the possible contenders.
One media report here this week said the MoD had decided to drop the MPPV contest in favor of buying 250 Cheetahs. That’s been denied by the MoD spokesman here.
A narrowing of possible contenders had been expected at about the time of DSEi. That short list hasn’t arrived yet.
Until further clarity is available on the MPPV requirement, there will remain suspi¬cions about the future of a project that still requires funding at a time when the British armed forces are facing serious cuts.
Whether the growing Mastiff fleet, which will number about 250 if the new deal goes ahead, will affect MPPV requirements is unclear. One defense contractor involved in the MPPV competition said there appeared to be “ongoing discussion at the MoD whether a larger, more protected vehicle was needed or whether they should go for something lighter and more agile. The debate is ongoing, leav¬ing MPPV in a bit of disarray for the moment.”
Others are more confident that MPPV is not on the ropes.
“We think they have a plan. They are test¬ing and evaluating what is in the gap be¬tween Mastiff and the Snatch Land Rover and may then decide whether to fund it,” an¬other contractor source said.
Either way, if the British want the first vehicles in service by their stated date of 2009, somebody will have to decide soon on funding.
posted
So....great news...customers other than the US piling in....AND WE'RE DOWN OVER 6%?!?! Can someone tell me wtf is going on? I don't see how this can be a case of "the order was smaller than expected". Maybe it is, but to me it's just gravy to what is still left of the pie from the US MRAP program. I hope it's simply profit taking today.
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posted
I believe today was a pullback on consolidation. Frpt generally is volitile mostly upward but also in downward. I took my muney off the table just for that reason on friday. RSI was at 80 so a pull back was certainly due after running from 16 to 24 in a week and a half. if your lucky it should consolidate around 20-22. But like I said its a volitile stock. good luck, I will feel better about getting back in when rsi bounces off of 50. If that happens... this company is making money like rabbits make babies so dont worry too much.
posted
I took some off the table on Friday too, at $24.40.
I started a new job yesterday and so I couldn't watch it. So I stuck a couple of GTC buy orders in to repurchase my shares. One for $22.80 and one for $23.50. UGH! Shoulda just let that money sit for a while.
Wonder what today will hold? Boy, work sure gets in the way of swing trading.
Jo
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posted
You've got to take a look a CGMI. They are a new form of online wagering is sure to be a hit! The company operates a web portal that let players bet while playing skill games. Can you imagine the possibilities!
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posted
Will our latest news, will we see a continual decline or a one day hit? I fear it will be the prior unless we see a contract soon. I think we all know we'll be hearing from Melissa shortly.
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