Raytheon Wins $506 Million NASA Contract For Earth Imaging By Investing.com | Old North State Wealth News
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Raytheon wins $506 million NASA contract for Earth imaging By Investing.com

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EL SEGUNDO, Calif. – Raytheon (NYSE:), a business segment of RTX (NYSE: RTX), has secured a $506 million contract with NASA to develop the Landsat Next Instrument Suite (LandIS). The new suite of space instruments is designed to enhance Earth observation capabilities and will be deployed across three identical Low-Earth orbit observatories.

LandIS is set to collect multispectral images of the Earth’s surface every six days, which represents an improvement in both frequency and quality of data compared to previous technology. The instruments are expected to deliver up to three times the spatial, temporal, and spectral resolution of their predecessors, according to Sandy Brown, Raytheon’s vice president for Mission Solutions & Payloads.

The advanced imaging technology will support a wide range of applications, including monitoring water quality, crop production, soil conservation, forest management, and the impacts of climate change. The enhanced data collection aims to provide more accurate and timely information for responding to natural disasters, tracking human migration, and addressing environmental crises.

Raytheon has a long-standing partnership with the Landsat program, having constructed instruments for missions dating back to the 1970s. The company’s historical contributions include the Multi Spectral Scanner for the first Landsat satellite.

The first sensor from the LandIS suite is scheduled for delivery in 2028, with all work to be performed in El Segundo, California. This contract represents a continuation of Raytheon’s century-long history in developing defense and aerospace technologies, including integrated air and missile defense systems, smart weapons, and space-based systems.

Raytheon, as part of the larger RTX corporation, operates alongside other industry-leading businesses such as Collins Aerospace and Pratt & Whitney, contributing to RTX’s $69 billion in sales for 2023. The company’s efforts are focused on advancing technology and science to meet global challenges across various domains, including land, air, sea, and space.

This news is based on a press release statement from RTX.

In other recent news, RTX’s subsidiary, Blue Canyon Technologies, has been selected by NASA to create two 12U CubeSat buses for the PolSIR mission, aimed at improving climate predictions by studying high-altitude ice clouds. Meanwhile, RTX secured a $677 million contract to continue manufacturing AN/SPY-6(V) radars for the U.S. Navy, increasing the total to 38 radars ordered. Jefferies maintained its Hold rating and a $105.00 share target for RTX Corp. In financial news, RTX Corp declared a quarterly dividend of 63 cents per share.

Further developments saw Collins Aerospace, a unit of RTX, winning a significant contract to provide systems for the U.S. Air Force’s new Survivable Airborne Operations Center (SAOC) aircraft. Additionally, Pratt & Whitney Canada, another RTX business unit, received certification from Transport Canada Civil Aviation for its PW545D engine.

In the aerospace sector, Safran (EPA:) obtained approval from Italy to proceed with the acquisition of Microtecnica, part of a larger $1.8 billion transaction for the purchase of Collins Actuation and Flight Control businesses. Also, International Aero Engines (IAE) secured a five-year V2500 maintenance services contract with FTAI.

InvestingPro Insights

As Raytheon Technologies (NYSE: NYSE:) embarks on the development of the advanced Landsat Next Instrument Suite (LandIS) for NASA, the company’s financial health and market position remain robust. With a market capitalization of $141.72 billion and a revenue growth of 3.56% in the last twelve months as of Q1 2024, RTX shows a steady upward trajectory in its financial performance.

RTX’s commitment to innovation and growth is also mirrored in its stock performance. The company has experienced a large price uptick over the last six months, with a 29.92% return, and is trading near its 52-week high at 98.27% of the peak price. This reflects investor confidence in the company’s strategic direction and its ability to maintain a competitive edge in the Aerospace & Defense industry.

InvestingPro Tips indicate that Raytheon’s management has been aggressively buying back shares, a sign of confidence in the company’s value. Additionally, analysts predict the company will be profitable this year, supported by a strong return over the last three months. These factors suggest that RTX is not only a prominent player in its sector but also poised for continued financial success.

For readers interested in deeper financial analysis and more InvestingPro Tips, including the company’s expected net income growth and its dividend payment track record, visit Investing.com/pro/RTX. There are 12 additional InvestingPro Tips available, providing valuable insights for potential investors. Don’t forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.



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