Raytheon wins $24.4B U.S. Navy contract for SM-6 missiles

Raytheon, a business unit of RTX (NYSE: RTX), has been awarded a contract valued at up to $24.4 billion for Standard Missile-6 (SM-6) interceptors, according to a company press release. The five-year contract includes two additional option years and is intended to supply the U.S. Navy with a consistent volume of the multi-mission missile.

The SM-6 is capable of performing anti-air warfare, anti-surface warfare, and ballistic missile defense. Raytheon describes it as the only combat-proven weapon that can conduct all three mission types. The missile has been fired from U.S. Navy ship-based platforms and land-based launchers.

The contract builds on earlier agreements between Raytheon and the Department of Defense aimed at expanding SM-6 production capacity.

Raytheon President Phil Jasper said the company is "intensely focused on meeting the demand," adding that investments in operations and facilities are intended to "remove constraints and boost capacity."

Raytheon said it has expanded its workforce, strengthened supply chain partnerships, and increased production automation to support higher output volumes for near- and long-term requirements.

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