RTX - CPI Aerostructures stock rises on $20M contract from Raytheon Intelligence & Space

CPI Aerostructures (NYSE:CVU) stock climbed 8% premarket after the firm said it was awarded a long-term, indefinite delivery indefinite quantity contract from Raytheon Intelligence & Space (RI&S) worth up to a potential $20M to provide rack assemblies for RI&S’ B-52 AESA radar. CVU received an initial $4M order for prototype and test article production of the rack assembly that the AESA radar will be mounted in and then installed within the nose of the B-52. Work will begin immediately with first delivery anticipated in late 2022. In 2019, Boeing awarded RI&S a contract for the radar in support of the U.S. Air Force’s B-52 Radar Modernization Program. RI&S, a Raytheon Technologies (NYSE:RTX) unit, previously said low-rate initial production will begin in 2024, as the USAF looks to maintain the fleet of B-52 bombers in frontline service through to 2050 and beyond.

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CPI Aerostructures stock rises on $20M contract from Raytheon Intelligence & Space