Shares of Raytheon Co. (RTN) surged after the company reported that it has received an $80.5 million modification to a previously awarded firm-fixed-price contract for the procurement of 200 full rate production Lot 10 AGM-154C-1 Joint Standoff Weapons (JSOWs).

The contract also includes associated support equipment and one performance characterization test.

JSOW, a family of low-cost, air-to-ground weapons that employs an integrated GPS-inertial navigation system and terminal imaging infrared seeker, provides growth and threat adaptation opportunities for current and future customers, and interoperates with several platforms to support domestic and international warfighters.

Work is expected to be completed in August 2016 and will be performed in Dallas, Texas; Cedar Rapids, Iowa; Tucson, Ariz.; and McAlester, Okla.

RTN is a technology and innovation leader specializing in defense, security and civil markets throughout the world.