Alliant Techsystems Inc. , a military contractor and aerospace company, said Wednesday it will supply rockets to the U.S. Air Force under a contract worth as much as $250 million.

Strong business in the U.S. and rapid organic growth have helped British defence technology group QinetiQ beat expectations with a 20 percent rise in full-year operating profit and raise operating margin targets, CEO Graham Love told CNBC.com.

Finmeccanica, Europe's fourth-largest aerospace and defense company, has approached DRS Technologies, proposing a takeover bid of as much $5.41 billion, sources close to the matter told Reuters.

Lockheed Martin said Tuesday quarterly profit rose 6 percent, helped by higher sales of its electronic, information and space systems.

European markets ended in the green but off their earlier highs Thursday, following disappointing data about factory activity in Mid-Atlantic US.