By Sabela Ojea

Shares of Kratos Defense & Security Solutions Inc. shot higher on Friday after the company said it has been awarded a $49.6 million U.S. Department of Defense full-rate production contract of its BQM-177A Subsonic Aerial Target systems.

At 11:54 a.m. ET, shares were up 14% at $13.11.

The company is set to deliver 55 aircraft, mission kits, certain flight consumables and technical data to the U.S. Navy.

Kratos's BQM-177A subsonic aerial targets imitate advanced subsonic anti-ship cruise missiles.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

February 24, 2023 12:30 ET (17:30 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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