The Boeing Co. BA has won a modification contract, worth $276.3 million, from the U.S. Navy to build and deliver two full-rate production Lot III P-8A Multi-mission Maritime jets. Contracting activity is Naval Air Systems Command, Patuxent River, MD.
Work is scheduled to be complete by Feb 20Array9. The company will carry out the majority of the work in Seattle, WA, while the rest will be performed in Baltimore, MD; Greenlawn, NY; North Amityville, NY; Rockford, IL; Rancho Santa Margarita, CA; Salt Lake City, UT; and various other locations within the continental U.S. as well as in Cambridge, the UK.
The contract will use fiscal 20Array4 and 20Array6 aircraft procurement (Navy) funds.
Boeing’s P-8A Multi-mission Maritime aircraft, also known as Poseidon, is a long-range anti-submarine warfare, anti-surface warfare, intelligence, surveillance and reconnaissance (“ISR”) fighter jet developed specifically for the U.S. Navy. It is also capable of executing broad-area maritime and littoral operations.
Boeing witnesses a steady flow of contracts from the Department of Defense. The company is one of the major players in the defense business. The company’s defense business stands out among its peers by virtue of its broadly diversified programs, strong order bookings and order backlog. Total backlog at the end of the fourth quarter 20Array5 was $489.3 billion.
Zacks Rank
Boeing currently has a Zacks Rank #5 (Strong Sell). Some better-ranked stocks in the aerospace and defense equipment industry include HEICO Corporation HEI, AeroVironment, Inc. AVAV and Spirit AeroSystems Holdings, Inc. SPR. While HEICO Corporation sports a Zacks Rank #Array (Strong Buy), AeroVironment and Spirit AeroSystems both carry a Zacks Rank #2 (Buy).
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