Shares of rocket maker Orbital Sciences Corp. soared 5 percent yesterday on news the Sterling, Va., company won a $38 million contract from the U.S. Navy to provide 13 supersonic sea-skimming target vehicles.
The stock closed up $1.22 at $25.50 on the New York Stock Exchange.
Orbital, which has 2,800 employees, develops small rockets and space systems for commercial and government customers.
Under the Navy award, Orbital will continue to produce the Coyote target vehicles, which are used by the Naval Air Systems Command to simulate high-speed anti-ship cruise missiles for fleet training. This order brings the total number of Coyote units to 61.
The award comes on top of news last week that third-quarter profit soared 84 percent on sales of satellites and the firm's role as a subcontractor under NASA's Orion spacecraft program.
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