L3Harris Technologies, a defense contractor, announced on Friday that it had secured a U.S. -Navy contract to develop 'Red wolf' vehicles for the Marine Corps precision strike program.

The Red Wolf is an advanced precision strike missile with a long range. It can hit moving targets, including ships from a distance of more than 200 nautical miles.

"Our proven Red Wolf system can add affordable mass to Marines' arsenal of advanced munitions in the timeframe U.S. officials set to support the lethalest fighting force on the planet," said L3Harris CEO Christopher Kubasik.

The company launched two new long-range missiles in July. These?missiles are designed to provide lower-cost options for strike as the U.S. military replenishes their weapons stockpiles. They also want to strengthen the deterrence of China?in the Pacific.

L3Harris missed Wall Street's estimates for the fourth-quarter revenue Thursday. (Reporting and editing by Pooja Deai; Apratim Sarkar)

(source: Reuters)