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Tue, Feb. 2, 11:01 AM
- Raytheon (RTN -1%) recently completed a series of company-funded milestones to upgrade its Patriot Air and Missile Defense System.
- The firm "invested more than $150M in gallium nitride technology and learned invaluable lessons while building our GaN-based AESA full-scale prototype," Raytheon's Ralph Acaba proclaimed.
- The projected upgrade delivers 360-degree capability and keeps Patriot ahead of increasingly more sophisticated threats, such as aircraft, drones, and cruise and ballistic missiles.
Thu, Jan. 28, 8:12 AM
- Income from continuing operations $558M, or $1.85 per share vs. $576M, or $1.86 per share in the same quarter a year ago. The results include an $0.08 unfavorable impact associated with acquisition accounting adjustments related to Forcepoint.
- Revenue by segment: Integrated Defense Systems +5%; Intelligence, Information and Services -6%; Missile Systems +9%; Space and Airborne Systems -5%.
- Bookings rose 11.2% to $7.9B from $7.1B in the prior year period. Backlog at the end of Q4 was $34.7B, compared to $33.6B a year earlier.
- Repurchased 2M shares of common stock for $250M during the quarter.
- Outlook for 2016: EPS from continuing operations of $6.80-$7.00, on sales of $24B-$24.5B.
- RTN +0.4% premarket
- Q4 results
Thu, Jan. 28, 7:05 AM
Wed, Jan. 27, 5:30 PM
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Fri, Jan. 15, 5:57 PM
- Defense stocks such as Raytheon (NYSE:RTN), General Dynamics (NYSE:GD) and L-3 Communications (NYSE:LLL) could outperform in a risk-off market, Credit Suisse analysts assert.
- The firm says it favors defense names in a risk-off market, despite their higher relative valuations, as the companies lack significant global economic or currency exposure, and so performance should be more predictable and the resulting cash returns more reliable; also, with the DoD budget inflecting, most companies in the group should begin to deliver organic growth for the first time in several years.
- Credit Suisse retains Outperform ratings for RTN, GD and LLL, and upgrades Huntington Ingalls (NYSE:HII) to Neutral from Underperform, while Neutral-rated Lockheed Martin (NYSE:LMT) and Northrop Grumman (NYSE:NOC) should be solid performers in a risk-off environment.
Mon, Jan. 11, 2:54 PM
- Raytheon (RTN +1%) has won a $143M contract tied to its Rolling Airframe Missile Block 2 program.
- The deal is a $66.6M fixed-price contract for fiscal 2016 for the RAM Block 2 round pack requirements. If options are exercised, the deal could rise to a cumulative $142.8M and might include foreign sales to an international customer.
- Work in the deal on the RAM (a cooperative program between the U.S. and Germany) is expected to be completed by February 2018.
Mon, Jan. 4, 10:44 AM
- Raytheon (RTN -1.9%) has been awarded a $255M fixed-price-incentive firm target modification to a previously awarded contract to procure mission system equipment for the future USS Lyndon B. Johnson (DDG 1002).
- The modification includes options which, if exercised, would bring the cumulative value of this award to $349M.
Dec. 23, 2015, 8:23 AM
- The Pentagon's chief arms buyer has vowed to conduct "very intense management" of Raytheon's (NYSE:RTN) work on a ground control network for new GPS satellites, and said the department would revisit other options if the company's performance did not improve.
- Defense Undersecretary Frank Kendall believes a new plan that delays completion of the ground system by two years will ultimately succeed, but declared that the DoD - and he personally - would remain vigilant.
- Kendall already approved the revamped schedule after a Dec. 4 review of the troubled program, whose projected cost has more than doubled to $3.6B, including inflation.
- Previously: Raytheon's GPS control system is "a disaster" (Dec. 08 2015)
Dec. 18, 2015, 9:15 PM
- Raytheon (NYSE:RTN) is awarded a contract worth up to $2.35B to build 52 SM-3 Block IB missiles for the U.S. Missile Defense Agency using FY 2015 funding, the Defense Department announces.
- The contract also includes three one-year options for FY 2016 through FY 2018 that would buy up to 52 additional missiles each year.
- The Aegis Ashore site will use the new missiles and includes a powerful radar, missile interceptors and communications equipment built by RTN and Lockheed Martin.
Dec. 16, 2015, 7:14 PM
- Raytheon (RTN +0.9%) and Lockheed Martin (LMT +1.2%) are the key beneficiaries of a $1.83B U.S. arms sale to Taiwan -- the first major arms sale to Taiwan in more than four years, but one that has earned the companies the threat of sanctions from China.
- China protested the sale, though the U.S. reiterated that it's staying consistent with its approach across six administrations to ensure Taipei can mount a credible defense. China considers Taiwan a rogue province.
- "To safeguard our national interests, China has decided to take necessary measures, including imposing sanctions against the companies involved in the arms sale," said China's Vice Foreign Minister Zheng Zeguang.
- The deal includes $57M of Javelin missiles made by the two companies; $268M in TOW anti-tank missiles and $217M in Stinger missiles made by Raytheon; and $375M of AAV-7 Amphibious Assault Vehicles, along with a pair of guided-missile frigates offered as surplus, and $416M in other items including guns and ammo.
- Back to possible sanctions: Lockheed has an existing agreement to build an offshore plant to provide energy for a luxury resort in southern China.
Dec. 16, 2015, 1:11 PM
- Northrop Grumman (NOC +0.2%) is upgraded to Overweight from Neutral with a $212 price target at J.P. Morgan, which says NOC best exemplifies the "safety and steadiness" that have led investors to defense stocks in turbulent markets.
- While NOC has easily outperformed the market YTD, the firm says NOC is no more expensive than other pure play defense names Lockheed Martin and Raytheon (RTN +0.3%); JPM also anticipates a slightly better EPS growth profile the next three years.
- RTN remains JPM's other Overweight-rated defense prime, as it offers visibility and cash return, and is a play on increasing international demand, especially from the Middle East.
Dec. 14, 2015, 6:21 PM
- Lockheed Martin (NYSE:LMT) says it won a U.S. Army contract worth $1.1B to build PAC-3 missiles for the U.S. Army, South Korea, Qatar and Saudi Arabia for use in Raytheon's (NYSE:RTN) Patriot missile defense system.
- LMT says the contract includes Patriot Advanced Capability-3 (PAC-3) missiles and PAC-3 Missile Segment Enhancement missiles for the U.S. Army, as well as PAC-3 missiles for the other countries.
- LMT won a similar contract valued at $1.5B in July.
Dec. 9, 2015, 11:02 AM
- The Missile Defense Agency awards Raytheon (RTN +0.4%) a $543M contract modification to build and assemble 17 Standard Missile-3 units in the Block IIA configuration over five years.
- The interceptor will dramatically expand the range and capability from the current SM-3 Block IA and IB interceptors enabling more mission flexibility on both Japanese and U.S. Aegis ships.
Dec. 8, 2015, 9:32 AM
- Raytheon's (NYSE:RTN) work on a new ground control system for GPS satellites is "a disaster," said General John Hyten, commander of Air Force Space Command, declaring that the Pentagon would undertake "significant" changes with the company to address the issues.
- Hyten said he attended a "deep dive" on the program hosted by the Pentagon's chief arms buyer, Frank Kendall, last Friday, and said significant changes were planned to get the program on track.
- RTN -1.7% premarket
Nov. 30, 2015, 7:37 AM
- Raytheon (NYSE:RTN) - downgraded to Equal Weight from Overweight on valuation. The firm has a $125 price target on the stock.
- General Dynamics (NYSE:GD) - upgraded to Overweight from Equal Weight saying Gulfstream-related fears are overly discounted in the shares at current levels. The brokerage has a $157 price objective on the stock.
- Lockheed Martin (NYSE:LMT) - downgraded to Underweight from Equal Weight. Lowered PT to $210 from $215.
Nov. 26, 2015, 5:03 AM
- President Obama has signed a sweeping defense policy bill into law despite provisions that make it harder to close the Guantanamo Bay military prison.
- The legislation authorizes $607B in annual defense spending and "includes vital benefits for military personnel, facilitates ongoing operations around the globe, and important reforms to the military retirement system."
- Related tickers: GD, BA, NOC, LMT, RTN, OA, HII, HON, UTX, ITT, TXT, LLL, COL
Raytheon Co together with its subsidiaries is engaged in developing integrated defense systems. The Company offers air and missile defense; radar solutions; naval combat and ship electronic systems; command, control and communications systems.
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