General Electric Co.'s (GE) - Get Report aviation unit won a $517 million contract from the Army, the Department of Defense revealed late Friday.

General Electric Aviation, which is based in Lynn, Mass., was awarded the contract for  engineering and manufacturing the "development phase" of what's been called an Improved Turbine Engine Program.

The project is slated to be completed by Aug. 1, 2024 and begin in fiscal 2019 when research, development, test and evaluation funds of $130 million are granted.

The Army Contracting Command, Redstone Arsenal, Alabama, made the award.

The Defense Department announces awards of more than $7 million after 5 p.m.; GE had closed up nearly 1% on Friday to $10.19 prior to the news of the contract. 

The contract comes just after GE released its fourth quarter 2018 earnings on Jan. 31. The company reported adjusted earnings per share of 17 cents -- missing expectations -- and adjusted yearly earnings per share of 65 cents. Fourth quarter revenues hit nearly $33.3 billion.