RTX (NYSE:RTX) shares dipped Thursday, on word its Raytheon business has been awarded a contract from the National Oceanic and Atmospheric Administration (NOAA) to develop and optimize the nation's water resources prediction capabilities.
Under the four-year, $80 million task order, awarded under the General Services Administration Schedule, Raytheon will work closely with the National Weather Service to transform and innovate its prototype Next Generation Water Model Framework, Flood Inundation Mapping and Enterprise Hydrofabric Solution. The goal of this work is to create a climate-ready nation that is prepared for, and responds to, weather, water and climate-dependent events.
"Recent weather events across the U.S. underscore the critical role that accurate, real-time water prediction plays in maintaining our economic stability and national security," said company official Shawn Miller. "By migrating NOAA's prediction capabilities to the cloud, the agency will be able to better address the needs of communities nationwide, facilitating proactive decision making before and during extreme weather events and, ultimately, helping to prevent loss of life and property damage."
For nearly 20 years, Raytheon has partnered closely with NOAA on weather forecasting and data analysis capabilities, including the Advanced Weather Interactive Processing System enterprise, or AWIPS, a weather forecasting data and display toolkit, and the Earth Prediction Innovation Center, or EPIC, the most user-friendly and user-accessible Earth modeling system.
RTX shares decreased 34 cents to $72.54.
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