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RTX's Raytheon awarded $536 million US Navy contract for SPY-6 family of radars

1. RTX secures a $536 million U.S. Navy contract for advanced radar systems. 2. The contract enhances support for the SPY-6 radar technology. 3. Raytheon's SPY-6 radar plays a key role in naval defense strategy. 4. Over 60 U.S. Navy ships will deploy SPY-6 by 2035. 5. Contract work is expected to conclude by May 2026.

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$138.48506/04 03:11 PM EDTLatest Updated
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FAQ

Why Bullish?

The contract's value and strategic importance enhance RTX's revenue prospects; similar past contracts led to price increases.

How important is it?

The substantial contract reinforces RTX's position in defense, directly impacting investor confidence and stock value.

Why Long Term?

The multi-year nature of the contract stabilizes revenue, positively influencing the long-term outlook for RTX.

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Contract provides continued integration and test support for the U.S. Navy's most advanced maritime radar , /PRNewswire/ -- Raytheon, an RTX (NYSE: RTX) business, has been awarded a $536 million contract from the U.S. Navy for the SPY-6 family of radars. The contract is a follow-on to the previously awarded Integration and Production Support contract and includes upgrading Flight IIA destroyers with the SPY-6(V)4 variant. Under the sole source award, Raytheon will provide continued support for the SPY-6 family of radars through training, engineering services, ship installation, integration and testing, as well as software upgrades to enhance radar capabilities. "SPY-6 is the most advanced radar in the U.S. naval fleet, providing ships a new level of defense against evolving threats," said Barbara Borgonovi, president of Naval Power at Raytheon. "This contract highlights the essential role of this technology in supporting the U.S. Navy's technology roadmap for several decades to come." SPY-6 is now installed on two new U.S. Navy ships, with three additional ships slated for installation and undergoing various stages of testing in 2025. Over the next decade, SPY-6 is expected to be deployed on more than 60 U.S. Navy ships, enhancing defense against air, surface, and ballistic threats. Work on this contract is expected to be completed by May 2026. About RaytheonRaytheon, an RTX business, is a leading provider of defense solutions to help the U.S. government, our allies and partners defend their national sovereignty and ensure their security. For more than 100 years, Raytheon has developed new technologies and enhanced existing capabilities in integrated air and missile defense, smart weapons, missiles, advanced sensors and radars, interceptors, space-based systems, hypersonics and missile defense across land, air, sea and space. About RTXRTX is the world's largest aerospace and defense company. With more than 185,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. Through industry-leading businesses – Collins Aerospace, Pratt & Whitney and Raytheon – we are advancing aviation, engineering integrated defense systems for operational success, and developing next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2024 sales of more than $80 billion, is headquartered in Arlington, Virginia. For questions or to schedule an interview, please contact [email protected]. SOURCE RTX WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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