EAST HARTFORD, Conn. - Pratt & Whitney, a business unit of Raytheon Technologies (NYSE: NYSE:RTX), announced the completion of the preliminary design review for the F135 Engine Core Upgrade (ECU), a significant milestone in the development of enhancements for the F-35 fighter jet's propulsion system.
The review confirmed that the ECU is on track and is meeting, if not surpassing, its design goals, which include improved durability and performance to support advanced capabilities for all F-35 variants.
The PDR process involved a thorough assessment of the ECU's design modifications and new propulsion technologies by Pratt & Whitney and the F-35 Joint Program Office. These enhancements are crucial for extending the engine's life and enabling the integration of next-generation weapons and sensors.
Chris Johnson, vice president of Pratt & Whitney's F135 program, emphasized the importance of the upgrade, stating that it is a critical step in maintaining the F-35's status as the preeminent air dominance fighter. The U.S. Department of Defense has previously endorsed the F135 ECU as the sole modernization path for the F-35's propulsion, citing Pratt & Whitney's unique qualifications and expertise.
U.S. Navy Capt. Mitchell Grant, F-35 propulsion program manager, expressed satisfaction with the PDR and highlighted the ECU's role in ensuring that the U.S. and its international partners can stay ahead of potential threats.
Pratt & Whitney has delivered over 1,200 F135 production engines to date, accumulating more than 860,000 flight hours. The ECU will be integrated into new F-35 production units and can also be retrofitted at various F135 depot sustainment facilities worldwide.
This development is part of Pratt & Whitney's broader commitment to advancing aircraft engine technology. RTX, with a workforce of over 185,000 and 2023 sales amounting to $69 billion, continues to push technological boundaries in aviation and defense through its subsidiaries, including Collins Aerospace and Raytheon (NYSE:RTN).
The information in this article is based on a press release statement.
In other recent news, Raytheon Technologies has secured a $1.2 billion contract to supply Germany with additional Patriot air and missile defense systems. This marks the second such agreement between the two parties this year, emphasizing Germany's continued reliance on Raytheon's technology.
Meanwhile, the company's subsidiary, Collins Aerospace, is reportedly in discussions with NASA to terminate a contract for producing new spacesuits for International Space Station astronauts, a development that could potentially delay the modernization of these crucial equipments.
In the defense sector, the Patriot missile defense system, manufactured by Raytheon and Lockheed Martin (NYSE:LMT), is witnessing increased demand due to the conflict in Ukraine. This has led to a ramp-up in production by 100 missiles annually.
Moreover, Raytheon has secured a $506 million contract with NASA to develop the Landsat Next Instrument Suite (LandIS), aimed at enhancing Earth observation capabilities. The first sensor from this suite is scheduled for delivery in 2028. These recent developments underscore Raytheon's ongoing business activities in the defense and aerospace sectors.
InvestingPro Insights
As Pratt & Whitney, a unit of Raytheon Technologies (NYSE: RTX), reaches a pivotal point with the F135 Engine Core Upgrade for the F-35 fighter jet, the financial metrics and expert analysis from InvestingPro provide a broader context to the company's current market position.
With a market capitalization of $134.43 billion and a notable P/E ratio of 40.66, Raytheon Technologies demonstrates substantial valuation in the market. This is further underscored by the slight revenue growth in the last twelve months as of Q1 2024, coming in at 3.56%.
InvestingPro Tips highlight that management's aggressive share buybacks and the expectation of net income growth this year are positive indicators for investors. Moreover, the company's status as a prominent player in the Aerospace & Defense industry, coupled with its impressive track record of maintaining dividend payments for 54 consecutive years, underscores its financial stability and commitment to shareholder returns.
For those interested in a deeper dive into Raytheon Technologies' financials and strategic positioning, InvestingPro offers a wealth of additional insights. Currently, there are 8 more InvestingPro Tips available that can provide investors with a comprehensive understanding of RTX's performance and potential. To access these tips and more, visit https://www.investing.com/pro/RTX and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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