U.S. Markets open in 55 mins

Raytheon Wins Canadian Navy Deal for Remote Weapons

Zacks Equity Research

Raytheon Company’s RTN Canadian unit, Raytheon Canada Limited, has won a contract from the Canadian Navy for the installation of maximum 58 Naval Remote Weapon Stations (“NRWS”) on Royal Canadian Navy surface vessels.

The contract will provide the Royal Canadian Navy with modernized weaponry systems that has the capability to protect from naval and aerial threats.

NRWS is a mission-proven solution that allows remote operations and replaces the manually operated stations. Remote operations boost the safety of the crew as it does not require any operator on the deck of the ship during a close-range engagement. Instead, the operator is able to control the weapon from a secure site.

NRWS is based on the well-known Mini-Typhoon product line manufactured by Raytheon Canada's partner on this contract, Rafael Advanced Defense Systems Limited.

Raytheon Canada provides sustainable, long-standing benefits to the country’s industries as well as suppliers who have been engaged in the development, manufacturing, incorporation and delivery of the NRWS requirements.

Raytheon Canada is a pioneer in the space for high-tech solutions, engineering services, surveillance and navigation systems, which includes air traffic control radars, highway traffic management systems, maritime surveillance radars and systems, and precision optics.

Raytheon’s diversified portfolio allows it to win regular contracts in both the U.S. and the rest of the world. Its total order backlog amounted to $34.7 billion at the end of the fourth quarter of 2015.

Zacks Rank & Key Picks

Raytheon currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the same space include HEICO Corporation HEI, AeroVironment, Inc. AVAV and Spirit AeroSystems Holdings, Inc. SPR. While HEICO Corporation sports a Zacks Rank #1 (Strong Buy), AeroVironment and Spirit AeroSystems both carry a Zacks Rank #2 (Buy).

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
SPIRIT AEROSYS (SPR): Free Stock Analysis Report
 
AEROVIRONMENT (AVAV): Free Stock Analysis Report
 
HEICO CORP (HEI): Free Stock Analysis Report
 
RAYTHEON CO (RTN): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research