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Raytheon (NYSE: RTX) Wins $1 Billion Pentagon Contract

Raytheon Technologies (NYSE: RTX) has won a contract worth $1 billion to design, develop and produce a new hypersonic cruise missile for the US Air Force, Bloomberg reported on Friday citing the Pentagon.

The report stated that the aerospace and defense company beat out its competitors, Boeing (BA) and Lockheed Martin (LMT) when it comes to this contract.

Raytheon will design and develop the Hypersonic Attack Cruise Missile and delivery is expected to be completed by March 2027.

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