:

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

SHARE:

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…

Congress

Appropriators Press For Details On Iran War Costs; DoD’s $29B Estimate Doesn’t Include Base Damage

The Pentagon estimates the U.S.’ ongoing conflict with Iran has now cost at least $29 billion, while a lead official noted the updated figure does not factor in damage to […]

Congress

Appropriators Offer Skepticism On $350B Defense Reconciliation Plan, ‘Big Risk’ For Key Initiatives

Senate and House Appropriators told Pentagon leadership on Tuesday they’re skeptical of the department’s plan to fund $350 billion of the fiscal year 2027 defense budget through the reconciliation process, […]

Congress

All Future Systems Should Have Autonomy Features, Reed Says

Last week, Sen. Jack Reed (D-R.I.) visited North Kingstown, R.I.-based Senesco, which is teaming with autonomous systems company Havoc to bid on the U.S. Navy’s Medium Unmanned Surface Vessel program. […]

Congress

Senate Appropriators Concerned With DoD’s Reconciliation Plan For Top FY ‘27 Priorities, Aide Says

Senate defense appropriators have concerns with the Pentagon’s decision to include key fiscal year 2027 funding priorities, such as critical munitions and drones production, among its request for $350 billion […]