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January 31, 2014

Raytheon gets $98M deal for Patriot missile work

Patriot pact

Raytheon is getting a $98 million contract for work on the Patriot missile system.

The U.S. Department of Defense announced the contract award this week.

The department said work would be done at several Raytheon facilities, including those in Andover and Pelham.

The company did not disclose what affect the contract would have on the Raytheon workforce.

“We don’t speculate on how many jobs will be created,” company spokeswoman Roopa Bhide said.

Work also is scheduled at Raytheon facilities in Billerica, Burlington and Tewksbury.

Bhide said the contract extends Raytheon’s work on the Patriot missile project.

The Department of Defense last year awarded the company a contract for about $115 million in work on the Patriot, she said.

The latest contract award includes an option for another $9 million in work.

The Department of Defense announcement characterized the work as relating to research and development testing.

The Patriot has been the Army’s main air defense system since the 1980s and gained international attention during the Persian Gulf war in 1991.

The Department of Defense announcement came as Raytheon released year-end financial figures.

The company reported higher than expected quarterly earnings with net sales of $5.9 billion.

Full-year net sales were $23.7 billion, down 2.9 percent year over year.

Shares (RTN) were trading around $92 late yesterday, up more than $3.

The company employs about 63,000 people worldwide and about 6,000 in the region.

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