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RTX's Raytheon awarded $646 million hardware production and sustainment contract for SPY-6 family of radars

1. Raytheon secures $646M contract for U.S. Navy's AN/SPY-6(V) radar production. 2. This is the fourth option exercised from a $3B contract awarded in 2022. 3. Total radars under contract increases to 42, enhancing Navy's threat detection. 4. Work primarily conducted at Andover facility, continuing through 2028. 5. Raytheon focuses on advanced radar technology for defense solutions.

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Why Bullish?

The awarded contract signals strong demand for RTX's defence capabilities, boosting revenue potential. Historical contracts often correlate with positive stock movements, especially for defense contractors.

How important is it?

The contract reflects technological enhancements and strong military demand, impacting investor sentiment positively. Its long-term nature stabilizes expected revenue growth for RTX.

Why Long Term?

The contract extends through 2028, ensuring sustained revenue and market positioning. Previous long-term contracts have previously yielded consistent upward trends in RTX's stock performance.

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Production continues for U.S. Navy's most advanced maritime radar , /PRNewswire/ -- Raytheon, an RTX (NYSE: RTX) business, was awarded a $646 million contract to continue producing AN/SPY-6(V) radars for the U.S. Navy. This is the fourth option exercised from the March 2022 hardware, production and sustainment contract that is valued up to $3 billion over five years. Under this contract, the U.S. Navy will receive four additional radars, increasing the total amount of radars under contract for procurement to 42. "SPY-6 enables the U.S. Navy to see further than they've ever seen before, providing sailors with more time to respond to detected threats," said Barbara Borgonovi, president of Naval Power at Raytheon. "This latest contract builds on our decades of experience and technical expertise in developing modular, scalable, and highly maintainable radars." SPY-6 is one of several radar programs designed and manufactured at Raytheon's Radar Development Facility in Andover, Massachusetts, a 30,000-square foot site supporting the production of diverse types of radars for U.S. and allied forces. This vertically integrated and highly automated site is one of the most advanced in the world, with sophisticated radar testing and integration happening around the clock. Majority of the work under this contract will take place at the Andover facility through 2028. About Raytheon Raytheon, 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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