Kratos Defense wins $8 billion U.S. navy contract, shares soar

Mon Feb 3, 2014 10:50am EST

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(Reuters) - Kratos Defense & Security Solutions Inc (KTOS.O) said it won a five-year contract worth up to $7.92 billion from the U.S. Navy, sending its shares up 27 percent to a more than two-year high.

The San Diego, California-based defense contractor will provide engineering and technical support services to the Naval Surface Warfare Center in Dahlgren, Virginia, under the Navy's SeaPort-e initiative meant to reduce costs and streamline support services procurement.

Kratos shares were trading 13 percent higher at $8.23 after touching a high of $9.18 on the Nasdaq on Monday.

(Reporting by Mridhula Raghavan in Bangalore)

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