This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Boeing Receives $1.9 Billion Contract For 11 P-8A Poseidon Aircraft

Stock quotes in this article: BA

SEATTLE, Sept. 24, 2012 /PRNewswire/ -- The U.S. Navy on Sept. 21 awarded Boeing (NYSE: BA) a $1.9 billion contract for 11 P-8A Poseidon aircraft, which will take the total fleet to 24 and bolster the service's anti-submarine, anti-surface warfare and intelligence, surveillance and reconnaissance capabilities.

This third low-rate initial production award follows two last year that totaled 13 aircraft. Boeing has delivered three of the production P-8As, which are based on the company's Next-Generation 737-800 commercial airplane, and the Navy plans to purchase 117 to replace its P-3 fleet.

"This contract is a stepping stone to full-rate production, and our focus remains on building Poseidon on cost and on schedule," said Chuck Dabundo, Boeing vice president and P-8 program manager.

"It has been an exciting and productive year for the P-8A program," said Capt. Aaron Rondeau, P-8A deputy program manager for the Navy. "The fleet operators in Jacksonville are excited to have received their first three aircraft and look forward to the next delivery as they transition from the P-3 to the first P-8 fleet squadron."

Boeing assembles the P-8A aircraft in the same facility where it builds all its 737 aircraft. The Poseidon team uses a first-in-industry in-line production process that draws on Boeing's Next-Generation 737 production system. All P-8A-unique modifications are made in sequence during fabrication and assembly.

After assembly, the aircraft enter Boeing's mission system installation and checkout facility for final modifications.

The Boeing-led team also has built and is testing six flight-test and two ground- test aircraft under a Navy System Development and Demonstration contract awarded in 2004. The test aircraft have completed more than 600 sorties and 2,500 flight hours to date.

Boeing's industry team includes CFM International, Northrop Grumman, Raytheon, Spirit AeroSystems, BAE Systems and GE Aviation.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs