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Pentagon Makes an $18 Million Typo

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In a slow day at the Pentagon, the Department of Defense issued only four small contracts Wednesday. Of these, the only publicly traded company scoring contract wins was Raytheon (NYSE: RTN  ) -- and it got half the contracts on offer:

  • a $14 million firm-fixed price modification to a previously awarded Air Force contract to supply "modified control sections" for 350 production Lot 2 AGM-88 High-Speed Anti-Radiation (HARM) missiles by Sept. 30, 2015.
  • and an $8 million Basic Ordering Agreement to do repairs on AN/AAS-53 common sensor payloads (hi-tech cameras used on warplanes) for the U.S. Navy by June 2014.

Aside from those contracts, the Pentagon also earmarked $11.6 million in funding for the Royal Jordanian Air Academy in Amman, Jordan, to teach English and provide technical training to Iraqi Air Force students. And in the day's headline news, the department also noted that Monday's controversial decision to pay Russia's Rosoboronexport what was announced as $572.2 million to supply Mi-17 transport helicopters to Afghanistan was off by several million dollars. The Pentagon clarified Wednesday that the value of this contract is only $553.8 million.


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9/23/2016 4:02 PM
RTN $138.58 Down -0.89 -0.64%
Raytheon CAPS Rating: ****