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4-Traders Homepage  >  Equities  >  Nyse  >  Raytheon Company    RTN

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Raytheon : U.S. Navy awards Raytheon $28 million for Variable Depth Sonar

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05/23/2017 | 03:01pm CEST

TEWKSBURY, Mass., May 23, 2017 /PRNewswire/ -- The U.S. Navy has selected Raytheon Company (NYSE: RTN) to provide the new Variable Depth Sonar for the Littoral Combat Ship class. The $27.9 million contract followed a study and product assessment phase during which Raytheon proved the solution's features and capabilities met all of the Navy's design and performance requirements. A mission-critical anti-submarine warfare asset, the VDS will be deployed from LCS to locate and track enemy submarines.

"We leveraged decades of sonar systems expertise and our proven ability to innovate to create this groundbreaking technology," said Raytheon's Paul Ferraro, vice president of Integrated Defense Systems' Seapower Capability Systems business area. "Raytheon's reliable, cost-effective variable depth sonar will allow the Navy to rapidly introduce this new anti-submarine capability to meet the LCS mission."

This ship-deployed sonar system design, identical for both LCS variants, features reduced weight to minimize ship impact, increased maneuverability and it provides the opportunity for increased warfighting payloads. Ease of operation improves crew efficiency and operational effectiveness. These features were validated by the fleet sailors who operated the system at a full-scale demonstration at Florida Atlantic University's Harbor Branch Oceanographic Institute in August 2016.

Raytheon's VDS benefits from the agility and expertise of a dedicated team, including Curtiss Wright-Indal, Adaptive Methods, Inc., Purvis Systems and Harbor Branch.

Now under contract, Raytheon will advance its design to a full Pre-Production Test Article, expected to be complete in late 2018. The contract includes options for production which, if exercised, brings total contract value to more than $300 million.

About Raytheon
Raytheon Company, with 2016 sales of $24 billion and 63,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 95 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5I(TM) products and services, sensing, effects, and mission support for customers in more than 80 countries. Raytheon is headquartered in Waltham, Massachusetts. Follow us on Twitter.

www.raytheon.com

Media Contact
Carolyn Beaudry
+1.401.842.3550

[email protected]

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-navy-awards-raytheon-28-million-for-variable-depth-sonar-300461570.html

SOURCE Raytheon Company

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Financials ($)
Sales 2017 25 197 M
EBIT 2017 3 349 M
Net income 2017 2 182 M
Debt 2017 1 847 M
Yield 2017 1,94%
P/E ratio 2017 21,59
P/E ratio 2018 19,08
EV / Sales 2017 1,94x
EV / Sales 2018 1,85x
Capitalization 47 003 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 172 $
Spread / Average Target 6,5%
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NameTitle
Thomas A. Kennedy Chairman & Chief Executive Officer
Anthony F. O'Brien Chief Financial Officer & Vice President
Mark E. Russell VP-Engineering, Technology & Mission Assurance
Michael C. Ruettgers Independent Director
William R. Spivey Independent Director
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