Raytheon’s Integrated Defense Systems recently has won a $212.6 million contract to provide upgrades to the Patriot missile system purchased by US allies.
Raytheon will provide additional engineering services for Patriot radar systems to Germany, Greece, Israel, Japan, Saudi Arabia, South Korea, Kuwait, the Netherlands, Spain, Taiwan and Ukraine.
The work on this contract is slated for completion by Jan 31, 2016, Zack.com reported on Friday.
Patriot is a long-range, high-altitude, all-weather system developed to counter threats from tactical ballistic missiles, cruise missiles and advanced fighter aircraft. This missile defense system was successfully used during the 1991 Gulf War and the Iraqi War.
For defense majors looking to battle sequestration woes with minimum losses, foreign military sales (“FMS”) remain the key tool for boosting their top line. Raytheon experienced healthy demand for its products, particularly from foreign customers in 2014.
The company has been witnessing continuous growth in its international sales over the past few years. In 2014, international sales accounted for 29% of the total net sales. Rising demand from the Gulf countries as well as the Asia-Pacific region will likely be the company’s key revenue driver.
Of late, Qatar has been reinforcing its defense in light of the growing threat from Iran. With Qatar involved in improving security, Raytheon stands to make huge gains. The company is expected to complete the contracted work by Apr 30, 2019.
Raytheon struggled to register new bookings in the fourth quarter that stood at $7,109 million compared with $7,517 million in the year-ago period, reflecting a 5.4% decline. Total backlog at the end of 2014 was $33.57 billion, down 0.3% year over year.
Raytheon’s stock closed at $110.74 Thursday, representing a year-to-date return of about 2.38%. In comparison, the S&P 500 jumped 3.12% over the corresponding time frame.
Raytheon has won two modification contracts of total $5 million from the Defense Advanced Research Projects Agency (DARPA) to support the Arrays at Commercial Timescales (ACT) program, the company announced in its press release on Tuesday. ACT is focused on developing technology that enables rapidly upgradable and widely deployable radar array architectures
Raytheon has won an additional contract to a previously awarded $122 Million order for procuring 114 Tomahawk Block IV missiles for the US Navy. This completes the Navy's planned purchase of 214 Tomahawk Block IV missiles for fiscal year 2015 and continues to build the inventory to support warfighting requirements, the company announced in its press release on Tuesday Dave Adams, Raytheon Tomahawk senior program director said, "Raytheon continues an acute focus on maintaining affordability and enhancing the impressive capabilities of this sophisticated weapon system"
Lockheed Martin and Raytheon are awaiting a decision on a €8 billion contract to provide warfare equipment, such as jet fighters and missile defense system to Germany and Poland. Federal Republic of Germany is currently assessing whether to purchase Lockheeds new medium extended air defense system, or planned update to Raytheons Patriot product
Raytheon Missile Systems has won $122 million contract for the procurement of 114 Tomahawk Block IV All Up Round missiles for the US navy. Work is expected to be completed in August 2017
Raytheon is developing an extended range variant of the combat-proven Advanced Medium Range Air to Air Missile (AMRAAM) for ground-air defense and will enable intercepts at longer range and higher altitudes. "The new missile will be even faster and more maneuverable than the current AMRAAM," said Mike Jarrett Raytheon vice president of Air Warfare Systems in companys press statement on Sunday
Raytheon announced Tuesday that it has signed a $35 million contract to deliver Stinger missiles and air-to-air launchers to the Republic of Korea Army in support of their recent procurement of AH-64 Apache helicopters. Under the previously announced foreign military sale, Raytheon will begin deliveries of the Stinger weapon systems in 2017
Raytheon has won a $91.5 million U
Raytheon announced Monday that it has won a $769.4 million contract to upgrade Patriot Air and Missile Defense System batteries to the latest configuration currently fielded
US Air Force officials have released requirements for the T-X trainer aircraft family of systems that will replace the T-38 Talon under the ‘Bending the Cost Curve initiative. The release follows Secretary of the Air Force Deborah Lee James emphasis on increased dialogue with industry to build affordability into the acquisition process, according to USAF Website
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