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Dow Jones Newswires: Textron wins U.S. Army development contract, shares surge 8%

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Shares of Textron Inc.
TXT,
-1.96%

were trading higher in Monday’s after-hours session following the company’s announcement it was awarded the development contract for the U.S. Army’s Future Long-Range Assault Aircraft program.

The award is based on Bell’s V-280 Valor tiltrotor, the company said, adding “the initial contract refines the weapon system design, sustainment, digital enterprise, manufacturing, systems integration, flight-testing, and airworthiness qualification.”

Textron shares rose 7.9% in after-hours trading at $75.48 a share. The stock finished the day’s regular session with a 1.96% loss at $69.90 per share.

Year to date, the stock is down by more than 9%.

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