Raytheon $RTX Stock With Resurrection Cross, Uptrend Channel

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Raytheon $RTX stock formed a Resurrection Cross on December 19, 2022. As of January 1, 2023, the stock is trading in an uptrend channel pattern. $RTX stock is in a technical strong uptrend.

Raytheon stock chart on January 1 2023 with Resurrection Cross and uptrend channel patterns
Raytheon stock chart on January 1 2023 with Resurrection Cross and uptrend channel patterns

Pentagon Considers Patriot Missile System For Ukraine

According to Politico, which cited two unnamed Pentagon officials, the US military is considering teaching Ukrainian forces how to use Patriot missile defense systems at a base in the US.

The $1.85 billion package included one Patriot air defense battery and system ammunition. As the Raytheon-built Patriot air defense systems are regarded as the most sophisticated in the US arsenal, it signals an increase in military assistance from the US.

Military experts estimate that training Ukrainians to use the system should take about six months; if training started right away, the system could be used on the battlefield by early summer. It shows how advanced the system is that it takes about 90 troops to operate one Patriot battery.

In Germany and other parts of Europe, the Pentagon has been instructing Ukrainians on how to use other US-provided weapons, but since Russia’s invasion in February, there hasn’t been a similar program inside the US.

“The Ukrainian armed forces have completed training on a host of different NATO-provided weapons systems, including the U.S.-made High Mobility Artillery Rocket System, in eastern Europe, Germany and the United Kingdom,” Politico noted. “But until this point, none of the training has been done in the United States.” Source: https://www.politico.com/news/2022/12/22/military-training-ukrainians-patriot-united-states-00075284

F135 Engine Core Upgrade receives additional $75 million in FY23 Omnibus Appropriations Bill

On December 23, 2022, the fiscal year 2023 omnibus appropriations bill included $75 million more funding for Pratt and Whitney’s F135 Engine Core Upgrade (ECU) for the F-35 Lightning II, further demonstrating congressional support for the engine’s modernization.

“If the services and our allies want Block 4 enabled F-35s before the end of the decade, the engine needs a core upgrade,” said Jen Latka, vice president of F135 programs at Pratt & Whitney. “Thanks to the support we’ve received from Congress, with leadership from Chairwoman DeLauro, the upgraded engine will be ready for fielding starting in 2028.”

The only F-35 propulsion modernization option that works with all F-35 variants is Pratt and Whitney’s ECU. By avoiding disruptive and expensive air vehicle changes and utilizing the current sustainment infrastructure, it will result in lifecycle cost savings of $40 billion.

“Pratt and Whitney has reduced the cost of the F135 engine by 50% since production began, and the engine has performed at twice its original specifications for years. An upgrade is overdue,” said Rosa DeLauro, chair of the House Appropriations Committee. “We’re going to give the F-35 the capabilities it needs for billions less than a new engine. That’s a win for the warfighter and the taxpayer.”

The F135 program supports 53,000 jobs nationwide across 36 states, including 27,000 jobs in Connecticut, 3,000 jobs in Maine, and 2,300 jobs in Florida. It is a significant contributor to economic growth across the nation.

A global provider of cutting-edge systems and services for business, armed forces, and governmental clients, Raytheon Technologies Corporation is a leader in aerospace and defense. The company provides solutions that push the boundaries in avionics, cybersecurity, directed energy, electric propulsion, hypersonics, and quantum physics through its four industry-leading businesses, Collins Aerospace, Pratt and Whitney, Raytheon Intelligence and Space, and Raytheon Missiles and Defense. The aerospace divisions of United Technologies Corporation and Raytheon Company were combined to form the company in 2020. Its corporate headquarters are in Arlington, Virginia.

Raytheon Technologies Awarded $317 Million Navy Contract

On December 22, 2022, Raytheon received a $317 million modification to a fixed-price incentive contract that had previously been awarded. This modification exercises options for the manufacturing and delivery of AIM-9X production Lot 23.

With this modification, 290 AIM-9X Block II All Up Round Tactical Missiles will be purchased, along with 181 AIM-9X Block II plus All Up Round Tactical Missiles for FMS, 146 Block II Captive Air Training Missiles, 178 All Up Round Containers, 13 spare Advanced Optical Target Detectors, nine spare Advanced Optical Target Detector Containers, 27 spare Block II Guidance Units, three spare Block I Propulsion Steering.

Additionally, the Systems Improvement Program III transition to production activities are supported by this modification’s non-recurring engineering. The project is anticipated to be finished in August 2026. At the time of award, $105 million in FY23 missile procurement funds, $2 million in FY22 missile procurement funds, $586 million in FY21 missile procurement funds, $6 million in FY22 research, development, test and evaluation funds, and $204 million in FMS customer funds will be committed, of which $6 million will expire at the end of the current fiscal year. The contracting body is the Naval Air Systems Command.

Raytheon Technologies Awarded $413 Million Air Force Contract

Raytheon was given a $413 million firm-fixed-price contract for follow-on sustainment on December 21, 2022. Through this contract, the Taiwan Surveillance Radar Program’s contractor will receive logistical support, engineering services, technical updates, spare parts, and other pertinent logistical and program support components. The project is anticipated to be finished by December 31, 2027. Taiwan will receive foreign military sales under this agreement. This contract was obtained from a single source. Amounts totaling $406 million in FMS funds for the fiscal years 2023, 2024, 2025, 2026, and 2027 are being committed at the time of award. The contracting activity is the Air Force Life Cycle Management Center at Hanscom Air Force Base in Massachusetts.

Commercial aerospace demand is booming, says Raytheon CEO Greg Hayes

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