Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Raytheon Wins up to $463 Million in New Missile Work

Raytheon (NYSE: RTN  ) was one of the biggest winners in last night's announcement of defense contracts awarded by the Pentagon. Out of the 38 contracts awarded, and $7.14 billion in total value, Raytheon claimed four wins -- likely to yield revenues worth $463.4 million.

Raytheon's biggest win of the day was a $235.5 million firm-fixed-price partial-foreign military sales contract to supply 72 radar digital processor upgrade kits for the Phased Array Tracking Radar to Intercept On Target weapon system -- better known by its acronym, the "PATRIOT" air defense system. Out of these kits, 62 will go to the U.S. Army and 10 more will go to allied nations Kuwait and the Netherlands. Deliveries are due March 31, 2017. The Pentagon was not specific as to how the kits would be divided between the two foreign buyers.

A Raytheon PATRIOT system in action. Photo: Wikimedia Commons

The company's other wins included:

  • A $163.2 million contract to perform Advanced Medium-Range Air-to-Air Missile (AMRAAM) Program Support and Sustainment (PSAS) work for the U.S. Air Force and Navy, and for the militaries of allied countries Korea, Israel, Saudi Arabia, Singapore, and the United Arab Emirates. Raytheon will provide sustaining engineering, program management, and logistics support aimed at extending the lifespan of the AMRAAM Central Processing Unit, improving the AMRAAM's guidance section, and developing necessary testing equipment. This work should be completed by Jan. 31, 2017.
  • A $50.2 million contract modification funding procurement of necessary materials, followed by the fabrication, testing, and delivery to the U.S. Missile Defense Agency of 52 SM-3 Block IB missiles by Feb. 8, 2017.
  • A contract modification worth an estimated $14.5 million funding enhancements to and deployment of an Object Classification (OC) database -- also for the U.S. Missile Defense Agency. This contract runs through Oct. 31, 2017. 

Discover a top stock pick for 2014
Every year, The Motley Fool's chief investment officer hand-picks 1 stock with outstanding potential. Just click here to download your free copy of "The Motley Fool's Top Stock for 2014" today.

Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 3014523, ~/Articles/ArticleHandler.aspx, 9/3/2015 12:52:50 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Rich Smith

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

Today's Market

updated 3 hours ago Sponsored by:
DOW 16,351.38 293.03 1.82%
S&P 500 1,948.86 35.01 1.83%
NASD 4,749.98 113.87 2.46%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/2/2015 4:04 PM
RTN $103.38 Up +3.34 +3.34%
Raytheon Company CAPS Rating: ****