Textron Systems Wins $230M Navy Contract for Two More SSC Craft
TXT is trading near its 52-week low of $75.51 (1.6% above the low).
Summary
Textron Systems received a $230 million contract modification from the U.S. Navy to build two additional Ship-to-Shore Connector (SSC) craft at its New Orleans shipyard. This is a new award, not a rehash of the July Bell Textron H-1 upgrade contract. The work expands Textron's Navy backlog and adds revenue visibility for the shipyard. The stock trades near its 52-week low, so a fresh defense order is a positive signal for the industrial segment.
At the time of this announcement, TXT was trading at $76.69 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $13B. The 52-week trading range was $75.51 to $101.57. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.