Raytheon Wins $2 Bln Contract For Patriot Air And Missile Defense System

Raytheon Co. said it has won a $2.0 billion contract to deliver the Patriot air and missile defense system to an undisclosed international customer. The order was awarded on April 2 and will be booked in the second quarter, the company said in a statement. Qatar and Korea have already chosen the same system, which protects against threats including aircraft, tactical ballistic missiles, cruise missiles and drones. Raytheon stock was not yet active in premarket trade, but is up 0.7% in the year so far, while the S&P 500 has gained 2.2%.