ANDOVER, Mass. – Raytheon (NYSE:RTN), a business segment of RTX (NYSE: RTX), has secured a contract worth $946 million to deliver additional Patriot® air and missile defense systems to Romania. With a market capitalization of $154 billion and strong revenue growth of 17.8% over the last twelve months, RTX continues to demonstrate its market strength. This recent contract marks the third time Romania has chosen to bolster its defense capabilities with Raytheon’s Patriot systems. According to InvestingPro analysis, RTX maintains a FAIR financial health rating, suggesting stable operational performance.
The deal encompasses multiple fire units, which include radars, control stations, and missiles. Pete Bata, senior vice president of Global Patriot at Raytheon, expressed the company’s commitment to providing Romania with advanced defense solutions to protect its citizens and infrastructure. Bata highlighted Romania’s continued investment in the Patriot systems as a reflection of the country’s commitment to collective security and stability in Europe. Analysts maintain a positive outlook on RTX, with price targets reaching up to $157 per share. For deeper insights into RTX’s valuation and growth prospects, check out the comprehensive Pro Research Report available on InvestingPro.
A key feature of this partnership is Raytheon’s collaboration with Romanian defense companies, integrating them into the Patriot global supply chain network. The Patriot system is recognized for its combat-proven capabilities, defending against a range of threats including long-range cruise missiles, tactical ballistic missiles, and various airborne threats. Currently, 19 countries rely on Patriot as the cornerstone of their air defense strategies.
Raytheon, renowned for over a century for its defense solutions, continues to innovate in areas such as integrated air and missile defense, smart weapons, and advanced sensors. RTX, with a workforce of over 185,000 employees worldwide and 2023 sales reaching $69 billion, is dedicated to pushing technological boundaries in defense and beyond.
This recent contract with Romania underscores the global reliance on Raytheon’s defense systems and the company’s role in international security. As a prominent player in the Aerospace & Defense industry, RTX has maintained consistent growth, with net income expected to increase this year. The information for this report is based on a press release statement and financial data from InvestingPro, which offers 8 additional key insights about RTX’s market position and financial outlook.
In other recent news, RTX Corp reported strong third-quarter earnings with an adjusted earnings per share of $1.45 and an 8% increase in organic revenue. The company also revised its 2024 adjusted EPS guidance to a range of $5.50 to $5.58. In analyst news, RBC Capital Markets upgraded RTX Corp’s stock from Sector Perform to Outperform and raised its price target to $140.00. Bernstein and BofA Securities also increased their price targets for RTX Corp to $134 and $145, respectively, while Jefferies maintained a hold rating with a price target of $135.
In other developments, RTX Corp’s business unit, Collins Aerospace, introduced an avionics upgrade program for Beechcraft King Air and Hawker aircraft. Its Pratt & Whitney unit received FAA certification for its GTF engine to power the Airbus A321XLR. The company secured a $1.3 billion contract to support the F-35 Lightning II aircraft’s propulsion systems and completed a significant phase in developing advanced electronic warfare technology for the U.S. Navy’s F/A-18 E/F Super Hornet. These are the latest developments for RTX Corp.
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