The National Aeronautics and Space Administration (NASA) has awarded a contract worth $120 million to a subsidiary of Raytheon Company (RTN). Per the contract, the subsidiary, Raytheon Technical Services Company, will support facilities and operations for astronaut training at NASA’s Johnson Space Center (JSC) and Sonny Carter Training Facility in Houston. The tenure of the contract begins from Oct 1, 2010, and lasts through Sep 30, 2015.

The contract calls for Technical Services Company operating, maintaining, and undergoing engineering services for equipment and software used at the Neutral Buoyancy Laboratory and Space Vehicle Mockup Facility.

Earlier, in April, Raytheon received the NASA Goddard contract to maintain and manage large volumes of sensing data and imagery from space instruments.

Raytheon also received another contract from the Department of Defense. The U.S. Navy has awarded Raytheon a contract worth $11.3 million to provide spare parts for a thermal sight system on a light armored vehicle used by the Marine Corps in Iraq with expected completion scheduled in December 2011.

Raytheon Network Centric Systems in McKinney, Texas, will provide the spare parts for the Improved Thermal Sight System on the Light Armored Vehicle 25-A2 used in Operation Iraqi Freedom and Operation Enduring Freedom.

Subsequent to the second quarter and through Aug 30, Raytheon has already won contract worth $916.5 million from the U.S. Navy.

We expect the company to perform well in the upcoming quarters based on continued contract wins, strong order bookings and backlogs.

We maintain our “Neutral” recommendation on Raytheon. The quantitative Zacks #3 Rank (short-term Hold rating) for the company indicates no clear directional pressure on the shares over the near term.

Based in Waltham Massachusetts, Raytheon Company is one of the largest aerospace and defense companies in the U.S. with a diversified line of military products Incorporatedluding missiles, radars, sensors, surveillance and reconnaissance equipment, communication and information systems, naval systems, air traffic control systems, and technical services. Its closest competitors are The Boeing Company (BA), Lockheed Martin Corporation (LMT) and Northrop Grumman Corporation (NOC).

Zacks Investment Research

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