Aerospace Group:

Business/Financial

Strong Shipbuilding Performance, Pension Tailwind Boost Huntington Ingalls But Virus Impacts Coming

By Cal Biesecker

Thursday, May 7th, 2020

SHARE:

Strong Shipbuilding Performance, Pension Tailwind Boost Huntington Ingalls But Virus Impacts Coming

Artist rendering of the first Flight III DDG-51 Arleigh Burke-class destroyer, the future USS Jack H. Lucas (DDG-125). (Image: Huntington Ingalls Industries)

A pension benefit combined with strong operating results at its shipbuilding businesses drove a strong first quarter at Huntington Ingalls Industries [HII], although workforce impacts at the company’s shipyards led it to forecast sales this year at the low end of prior guidance and company officials signaled uncertainty going forward. Net income increased 46 percent to $172 million, $4.23 earnings per share (EPS), versus $118 million ($2.85 EPS) a year ago, 27 cents shy of consensus projections. Sales increased 9…

Congress

Trump Wants Second Reconciliation Bill On His Desk By June 1

President Donald Trump on Wednesday called on Congress to pass and send a second reconciliation bill to his desk by June 1. The deadline follows congressional Republicans’ backing a pursuit […]

Space

Upgrading Current GPS Ground System “Now a Viable Option,” As GPS OCX Problems Continue, Space Official Says

Upgrades to the GPS ground system–the Architecture Evolution Plan (AEP)–is an option under consideration by the Defense Department’s space acquisition chief, as problems continue in fielding the GPS Next Generation […]

Congress

Graham Says GOP To Move Ahead On Second Reconciliation Bill, With Defense Funds As Priority

Senate Budget Committee Chair Lindsey Graham (R-S.C.) said Wednesday, with the White House’s backing, his panel will move “expeditiously” on crafting a second reconciliation bill, citing priorities for defense and […]

Pentagon

Hegseth Acknowledges Potential $200 Billion Iran Supplemental Request, Final Figure ‘Could Move’

Defense Secretary Pete Hegseth on Thursday acknowledged the Pentagon could potentially ask Congress for $200 billion in supplemental funding to support the ongoing operation against Iran and replenish munitions used […]