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Business/Financial

Northrop Grumman Takes $1.2 Billion Charge On B-21; Expects Losses Through Decade On LRIP Lots

By Cal Biesecker

Thursday, January 25th, 2024

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Northrop Grumman Takes $1.2 Billion Charge On B-21; Expects Losses Through Decade On LRIP Lots

Northrop Grumman in November 2023 flew the B-21 stealth bomber for the first time (Northrop Grumman Photo)

After previously warning of a potential but not “probable” loss on the initial B-21 stealth bomber production contracts, Northrop Grumman [NOC] on Thursday reported a $1.2 billion after-tax charge on the program that covers the first five low-rate initial production (LRIP) options due to various “macroeconomic factors” impacting the cost to complete that work. The first B-21 LRIP option was awarded late last fall after Northrop Grumman conducted a successful first flight of the next-generation bomber. The remaining LRIP options…

HASC Bill Funds Second Destroyer, Adds Several Multi-Ship Procurements, Puts Limits On Battleship

The House Armed Services Committee (HASC) chairman’s mark of the fiscal year 2027 defense authorization act, released May 26, largely approved the Navy’s shipbuilding request, but it added funds to […]

Congress

HASC’s FY ‘27 NDAA Adds More Black Hawks, Chinooks For Army, No Plus-Up For Apaches

The House Armed Services Committee’s (HASC) draft of the next defense policy bill supports hundreds of millions dollars for the Army to buy additional Black Hawk and Chinook helicopters in […]

Congress

HASC’s $1.15 Trillion FY ‘27 Draft NDAA Doesn’t Shift Items Over From Reconciliation Request

The House Armed Services Committee (HASC) on Tuesday unveiled its $1.15 trillion draft of the next defense policy bill, aligning with the White House’s requested discretionary topline while not including […]

Budget

DoD’s Equity Stake In L3Harris Rocket Motor Business Comes At Expense Of Other Suppliers, HASC Warns

A draft defense bill released by the House Armed Services Committee (HASC) on Tuesday says the committee is “concerned” with the Defense Department’s $1 billion equity investment this year in […]