Textron and Boeing Win $1.4 Billion in V-22 Work

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On Friday, the U.S. Department of Defense announced it has awarded the joint project office of Textron's (NYSE: TXT  ) Bell Helicopter division and Boeing (NYSE: BA  ) a $1.4 billion contract modification to a previously awarded contract to build V-22 Osprey Tiltrotor aircraft for the Marine Corps and Air Force.

The award concerns some 17 Marine MV-22 Ospreys and four CV-22 Ospreys for the Air Force, both part of the 17th lot of aircraft to be ordered, in fiscal 2013. In addition, the Pentagon clarified, this contract modification "provides funding for long lead components required for the manufacture and delivery" of 19 Marine Ospreys and three Air Force Ospreys as part of Lot 18 in fiscal 2014.

Work under the contract is expected to be completed in September 2016. 

Boeing shares dropped ahead of the DoD announcement, falling 1.5% to close at $74.69. Textron shares closed down 0.7% at $24.12.

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Rich Smith

I like things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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5/25/2016 12:54 PM
BA $129.28 Up +1.78 +1.40%
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