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Raytheon Company (RTN - Analyst Report) wins a three-year Defense Threat Reduction Agency or DTRA border security agreement. The contract is valued at $35.9 million.

Per the agreement, Raytheon is responsible for designing, developing and implementing an integrated surveillance system along sections of the Jordanian border. The company will also provide training, maintenance and repair, as well as equipment.

Raytheon has worked with the DTRA on cooperative threat reduction operation under a number of contracts. The Jordan venture is in fact a part of the CTR Integrating Contract (CTRIC II), from Apr 2011, in this field.

Based in Waltham, Mass., Raytheon Company is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. Going forward, revenue and earnings growth would continue to be driven by its strong presence in the areas of Intelligence, Surveillance and Reconnaissance (ISR); air & missile defense systems; border security; air traffic management; training and homeland security; and cyber security.

Raytheon remains focused on strong program execution, prudent capital management and strategic investments. In spite of the declining trend in U.S. defense spending, Raytheon is one of the best-positioned companies among the large-cap defense players due to its non-platform-centric focus. The company enjoys impressive order bookings and order backlog, an improving balance sheet, growing cash flow and operational enhancements.

The company is actively involved in a number of classified U.S. government programs, principally through its IIS and SAS business segments.

However, we remain apprehensive over the future growth in the U.S. defense budget, the fate of high-cost programs, risks related to key project executions and order cancellations.

The company presently retains a Zacks Rank #3 (Hold). Other stocks that look promising and are worth accumulating now include Zacks Ranked #2 (Buy) FLIR Systems, Inc. (FLIR - Analyst Report), Honeywell International Inc. (HON - Analyst Report) and Macquarie Infrastructure Company LLC (MIC - Snapshot Report).

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