LAFAYETTE - RTX's subsidiary, Blue Canyon Technologies (NYSE: RTX), has been chosen by NASA to construct two 12U CubeSat buses for the PolSIR mission. This initiative aims to enhance climate forecasts by studying high-altitude ice clouds in tropical and subtropical regions. The announcement was made on Wednesday, June 12, 2024.
Blue Canyon Technologies will not only develop and manufacture the satellite bus platforms but will also oversee mission operations services. The Polarized Submillimeter Ice-cloud Radiometer (PolSIR) instrument will be central to the mission, observing the full diurnal cycle of the ice clouds to gather data essential for climate modeling and understanding atmospheric changes.
The two CubeSats will carry radiometers to monitor the daily ice content cycle of the clouds through two spectral bands. They will operate in orbits staggered by three to nine hours to ensure continuous observation.
Chris Winslett, general manager of Blue Canyon Technologies, emphasized the company's established track record in weather monitoring missions, citing previous projects like TEMPEST-D and TROPICS as a foundation for the PolSIR mission.
NASA's Goddard Space Flight Center is tasked with project management, constructing the instruments for the mission led by Vanderbilt University. The Space Science and Engineering Center at the University of Wisconsin–Madison will handle science operations.
Blue Canyon Technologies, acquired by RTX, offers a range of spacecraft and components that support various missions within the burgeoning space economy. The company boasts over 140 cumulative spacecraft orders.
RTX, a conglomerate with businesses in aerospace and defense, reported 2023 sales of $69 billion and employs over 185,000 people worldwide. Its operations span from aviation and integrated defense systems to next-generation technology solutions.
In other recent news, Raytheon (NYSE:RTN) Technologies (NYSE:RTX) secured a $677 million contract to continue producing AN/SPY-6(V) radars for the U.S. Navy. This contract brings the total to 38 radars ordered. The radar system is designed to provide enhanced air surveillance and improved detection capabilities. Jefferies has maintained its Hold rating and $105.00 share target for RTX Corp. Additionally, RTX Corp declared a quarterly dividend of 63 cents per share.
In other developments, Collins Aerospace, a unit of RTX, secured a significant contract to provide systems for the U.S. Air Force's new Survivable Airborne Operations Center (SAOC) aircraft. Furthermore, Pratt & Whitney Canada, another RTX business unit, received certification from Transport Canada Civil Aviation for its PW545D engine.
InvestingPro Insights
As RTX's subsidiary Blue Canyon Technologies secures a pivotal role in NASA's PolSIR mission, the company's financial health and market performance provide a broader context for this development. RTX, a prominent player in the Aerospace & Defense industry, has demonstrated a commitment to shareholder value with aggressive share buyback programs, as indicated by one of the InvestingPro Tips. This proactive management strategy is complemented by the company's impressive track record of maintaining dividend payments for 54 consecutive years, providing investors with consistent returns.
On the financial front, RTX's market capitalization stands strong at 142.12 billion USD, reflecting investor confidence and the company's significant footprint in the market. The InvestingPro Tips also highlight that RTX is expected to see net income growth this year, which may be of interest to investors looking for profitable opportunities. Moreover, the company's stock has experienced a substantial price uptick over the last six months, with a 33.6% total return, showcasing robust performance and potential for continued growth.
InvestingPro offers a wealth of additional insights and tips to help investors make informed decisions. For more on RTX's financial metrics and strategic tips, visit InvestingPro. And for a limited time, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With over 11 additional tips available, InvestingPro equips you with the comprehensive data and expert analysis needed to navigate the market effectively.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.