Archive: Business/Financial

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Competition in DoD Contracting Up Overall After Sequester Hit, But No Clear Trends Emerge

As Defense Department spending and the percentage of DoD spending going towards contracts have both declined since sequestration began, no clear trends on competition for defense contracts have emerged. Rather, declines have varied greatly based on the military branch, the type of contract, and other factors, according to a study by the Center for Strategic [...]

U.K. Scout Specialist Vehicle (SV)
Image: General Dynamics

GD Posts Solid Earnings In Third Quarter Despite Flat Sales

General Dynamics [GD] on Wednesday posted solid third quarter earnings despite flat sales, led by its aviation segment and to a lesser degree a boost from its Combat Systems segment. Net income increased 7 percent to $696 million, $2.06 earnings per share (EPS), from $651 million ($1.84 EPS). Excluding impacts from discontinued operations, earnings increased [...]

Boeing's P-8 Maritime Surveillance Aircraft enjoyed higher sales in the third quarter. Photo: Boeing

Commercial Aircraft, Defense Lead Boeing To Strong Third Quarter

Driven by strong operating profit in its defense business coupled with handsome sales and profit gains in its commercial aircraft segment, Boeing [BA] on Wednesday reported strong financial results in the third quarter. Boeing’s Defense, Space & Security segment drove an overall double-digit increase in earnings at the company on the back of its Military [...]

The Triton arriving at Naval Air Station Patuxent River, Md. Sept. 18. Photo: U.S. Navy

Northrop Grumman’s Per Share Earnings Increase Despite Drop In Net Income

Northrop Grumman [NOC] on Wednesday posted solid gains in its per share earnings due to its stock buyback program, which lowered the company’s overall share count, even though net income fell largely due to pension adjustments. Net income slipped 5 percent to $473 million, $2.26 earnings per share (EPS), from $497 million ($2.14 EPS) although [...]

Lockheed Martin Chairman, President and CEO Marillyn Hewson

Pension Income Again Boosts Earnings At Lockheed Martin

Lockheed Martin [LMT] on Tuesday posted higher net profits in the third quarter due to a swing to pension income although sales fell slightly. Net income increased nearly 2 percent to $888 million, $2.76 earnings per share (EPS), from $873 million ($2.66 EPS) a year ago, beating analysts’ estimates by 4 cents per share. The [...]

S-97 Raider Prototype
Photo: Sikorsky Aircraft Corp.

UTC Posts Strong Third Quarter Results

United Technologies [UTX] on Tuesday reported a strong increase in net earnings driven by tax benefits, higher segment operating profits and lower restructuring costs while sales increased on strength across its business segments. Net income jumped 31 percent to $1.9 billion, $2.04 earnings per share (EPS), from $1.4 billion ($1.55 EPS), topping consensus estimates of [...]

BF-17, Major Richard "BC" Rusnok & BF-18, LtCol Jon "Miles" Ohma

Alcoa Expects Future Expansion Via External Acquisition And Internal Investment

Buoyed by its recent acquisition of metals manufacturer Firth Rixson, Alcoa [AA] expects future expansion by further acquisition of companies and internal investment, according to the head of its defense sector. Alcoa Defense President Eric Roegner told Defense Daily Oct. 14 the company has spent more than roughly $215 million on expanding existing plants. The [...]

President Obama working on his State of the Union Address earlier this year. Official White House photo.

Obama Orders More Secure Financial Transactions By Feds

President Barack Obama on Friday issued an executive order requiring the federal government to increase the security of its financial transactions and he also urged the private sector to do the same. The president said he is launching the “Buy Secure” initiative “because you should be able to buy the things that you need without [...]

CSIS, DoD, Contract Spending

Top Defense Contractors Fared Better Under Sequestration Than Rest Of Industry, CSIS Report Says

The top six defense contractors saw their overall receipt of Defense Department contract obligations decline far less than the rest of the industry under sequestration, according to an annual report by the Center for Strategic and International Studies (CSIS) that analyzes DoD contract spending. While the largest contractors have seen their overall share of DoD [...]

Orbital Sciences' Antares launch vehicle. Photo: Orbital Sciences

Orbital Posts Strong Third Quarter Financial Results

Orbital Sciences Corp. [ORB] on Thursday reported strong third quarter financial results, led by solid operating performance, and the company increased its earnings outlook for the year. Net income jumped 36 percent to $21.2 million, 35 cents earnings per share (EPS), from $15.6 million (26 cents EPS),  beating consensus estimates by 7 cents. The gain [...]