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Raytheon (RTN) Gets ELCAN Specter Contract from Australia
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Raytheon Company's unit, ELCAN Optical Technologies, has won a contract worth $54 million from Australia's Department of Defense for the ELCAN Specter DR 1-4x dual role weapon sight. Raytheon will roll out deliveries later this year.
Foreign military contracts are a key vital growth driver at Raytheon. International bookings comprised 26.7% of total first-quarter bookings at the company, while international sales surged 17.1% year over year and represented 42% of its total backlog during the period.
Details of the Contract
ELCAN Specter has a 1x and 4x field-of-view range and will effectively replace the Australian Defense Force’s current 1.5x magnified sight on the advanced F88 rifles in the Land 125 Phase C program. Dual magnification will facilitate both long-range targeting and short-range rapid aiming in a single package. According to Raytheon, the DR 1-4x sights is expected to enhance soldiers' ability to observe and engage targets from a distance.
Raytheon is one of the best-positioned large-cap defense players. The company will continue to gain traction on the back of its focus on technological innovation and improvement of its product offering, which ensures more contract wins and an enhanced growth trajectory.
The company has been enjoying a steady stream of contracts from government establishments. Recently, Raytheon has won a contract from the U.S. Navy for the production of Aegis Weapon System AN/SPY-1D(V) Radar Transmitter Group, Missile Fire Control System MK 99 equipment and associated engineering services. The contract is valued at $365.8 million.
Raytheon’s bookings in the first quarter increased 38.7% to $6.2 billion from $4.5 billion in the year-ago period. Thus, the company remains optimistic about its performance in 2016 backed by its robust backlog of $34.77 billion in the first quarter.
Zacks Rank & Key Picks
Raytheon is currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same space include TransDigm Group Incorporated (TDG - Free Report) , CAE Inc. (CAE - Free Report) and BAE Systems plc (BAESY - Free Report) . While TransDigm Group sports a Zacks Rank #1 (Strong Buy), both CAE Inc. and BAE Systems have a Zacks Rank #2 (Buy).
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Raytheon (RTN) Gets ELCAN Specter Contract from Australia
Raytheon Company's unit, ELCAN Optical Technologies, has won a contract worth $54 million from Australia's Department of Defense for the ELCAN Specter DR 1-4x dual role weapon sight. Raytheon will roll out deliveries later this year.
Foreign military contracts are a key vital growth driver at Raytheon. International bookings comprised 26.7% of total first-quarter bookings at the company, while international sales surged 17.1% year over year and represented 42% of its total backlog during the period.
Details of the Contract
ELCAN Specter has a 1x and 4x field-of-view range and will effectively replace the Australian Defense Force’s current 1.5x magnified sight on the advanced F88 rifles in the Land 125 Phase C program. Dual magnification will facilitate both long-range targeting and short-range rapid aiming in a single package. According to Raytheon, the DR 1-4x sights is expected to enhance soldiers' ability to observe and engage targets from a distance.
RAYTHEON CO Price
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Raytheon is one of the best-positioned large-cap defense players. The company will continue to gain traction on the back of its focus on technological innovation and improvement of its product offering, which ensures more contract wins and an enhanced growth trajectory.
The company has been enjoying a steady stream of contracts from government establishments. Recently, Raytheon has won a contract from the U.S. Navy for the production of Aegis Weapon System AN/SPY-1D(V) Radar Transmitter Group, Missile Fire Control System MK 99 equipment and associated engineering services. The contract is valued at $365.8 million.
Raytheon’s bookings in the first quarter increased 38.7% to $6.2 billion from $4.5 billion in the year-ago period. Thus, the company remains optimistic about its performance in 2016 backed by its robust backlog of $34.77 billion in the first quarter.
Zacks Rank & Key Picks
Raytheon is currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same space include TransDigm Group Incorporated (TDG - Free Report) , CAE Inc. (CAE - Free Report) and BAE Systems plc (BAESY - Free Report) . While TransDigm Group sports a Zacks Rank #1 (Strong Buy), both CAE Inc. and BAE Systems have a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>