Raytheon International CEO says defense market still has room to run

  • Patriot missile maker says no end in sight to sales growth in defense.
  • Raytheon International is meeting more than 600 customers at the Farnborough International Airshow.
  • The U.S. contractor is focusing new research on high energy lasers and hypersonics.

The manufacturer of the Patriot missile system said that it sees no slowdown in global demand for its range of defense equipment.

Raytheon International is among those companies looking to seek a dividend from President Donald Trump’s call for countries within the NATO alliance to spend more on defense.

The S&P 500 Aerospace & Defense index, comprised of 13 manufacturers, has risen 25 percent over the last 12 months, although in the most recent three months that basket of stocks has dipped by more than 1.2 percent.

Speaking at the Farnborough International Airshow Monday, John Harris, CEO of Raytheon International, told CNBC’s Phil Lebeau that the market is “a significant growth opportunity for us still.”

Harris said Raytheon International had now enjoyed 14 consecutive years of growing sales internationally and his team would conduct 600 meetings over the course of Farnborough in a bid to continue the trend.

The defense contractor has focussed a large part of its new business on high energy lasers and hypersonics which it believes will provide the next military advantage to the U.S. and allies.

Harris said while the modern warfare technology was in its infancy, the company had already enjoyed a number of contract awards.