Archive: Business/Financial

George Wilson, president and CEO of ECS Federal, will continue to lead the company after its acquisition by On Assignment. Photo. ECS Federal

On Assignment To Acquire Government Services Contractor ECS Federal

On Assignment [ASGN] has agreed to acquire federal services provider ECS Federal, LLC, in a $775 million cash deal that would significantly expand its market share and footprint in the government services business. On Assignment, which has about $2.6 billion in annual sales, currently does about $200 million with the aerospace and defense area, and […]

iStock Cloud Computing

Defense Nuclear Facilities Safety Board Selects CenturyLink & Collab9 For Secure Cloud Communications

The Defense Nuclear Facilities Safety Board (DNFSB) has tapped CenturyLink [CTL] and collab9 to secure its enterprise communication networks with their joint cloud communications service. Under the deal, announced Jan. 31, the two companies will deliver their Unified Communications as a Service (UCaas) platform to start DNFSB’s transition to cloud computing platforms. “CenturyLink is excited […]

Boeing Chairman, President and CEO Dennis Muilenburg. Photo: Boeing

Boeing Finishes 2017 With Strong Quarter On Tax Benefit, Plane Deliveries

Boeing [BA] on Wednesday posted strong fourth quarter results driven by a benefit from new tax legislation, higher commercial airplane deliveries, and higher operating earnings across its three segments. Net income rocketed 92 percent to $3.1 billion, $5.18 earnings per share (EPS), from $1.6 billion ($2.59 EPS) a year ago, boosted by a $1.1 billion […]

BAE logo

Army Awards BAE Systems $8 Million Deal For New Precision-Guidance Kits

BAE Systems has received an $8 million deal to develop new precision-guidance kits to the Army aimed to improve the accuracy of 155-millimeter artillery munitions. Under the deal, announced Jan. 30, BAE is tasked with developing new kits to enable Army munitions to make in-flight course corrections in environment where GPS systems may be jammed. […]

L3's ProVision 2 Advanced Imaging Technology people scanner is deployed at airport checkpoints worldwide. Photo: L3 Technologies

GD Protests TSA Award To Unisys

General Dynamics [GD] earlier this month filed a protest in federal court over a potential five-year $250 million contract the Transportation Security Administration (TSA) awarded to Unisys Corp. [UIS] in November for a program that integrates the agency’s security equipment at U.S. airports. GD first protested the award of the Domain Awareness Integrated Network (DOMAIN) […]

RIchard Wang, CEO and co-founder of Cuberg.

Boeing Venture Army Invests In Battery Storage Startup Cuberg

Boeing [BA] said on Monday that its HorizonX Ventures arm has made an investment in a small battery storage company that it believes could help with development of electric and hybrid propulsion systems for aircraft. Boeing didn’t disclose the size of the investment, which is typically a minority position. A company spokeswoman told Defense Daily […]

Lockheed Martin Chairman, President and CEO Marillyn Hewson

Tax Provision Sends Lockheed Martin To Fourth Quarter Loss, But Benefits Coming And Operating Results Strong

Lockheed Martin [LMT] on Monday posted a loss in the fourth quarter due to a one-time negative tax impact but overall the company’s operating results were strong and earnings, after adjusting for the tax charge, easily beat analysts’ expectations. The tax provision is related to tax reform legislation signed into law last December that companies […]

Vectrus President and CEO Chuck Prow. Photo: Vectrus

Vectrus Acquires Technology Solutions, Supply Chain Management Provider SENTEL

Vectrus, Inc. [VEC] last week said it has acquired U.S. government technology solutions provider SENTEL Corp. in a $36 million cash deal that strengthens its technology capabilities and expands its customer base, including with the intelligence community. Vectrus, which was spun out of the former Exelis in 2014, provides infrastructure asset management, logistics and supply […]

BTP supports MILSTAR EHF command post antenna systems. Photo: BTP Systems

Serco Acquires BTP Systems To Add C5ISR Capabilities

Britain’s Serco Group has completed its $20 million acquisition of U.S.-based BTP Systems in a deal that deepens its expertise in satellite communications and radar engineering services. The deal was first announced last October. BTP, which is based in Massachusetts, had about $20 million in sales last year and earnings before interest, taxes, depreciation and […]

L3 Technologies President and CEO Christopher Kubasik. Photo: L3

Tax Benefit Pushes L3’s Earnings Higher In Fourth Quarter As Sales Dip

Unlike other defense companies this week that reported negative tax provisions in their fourth quarter and year-end financial results for 2017, L3 Technologies [LLL] on Thursday said its net income benefited from a new tax law, which led earnings higher amid a modest decline in sales in the quarter. Net income soared 54 percent to […]