Author: Mike Stone
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Exclusive-Lockheed exits US Air Force tanker competition; lifting Boeing’s KC-46
By Valerie Insinna and Mike Stone WASHINGTON (Reuters) -Lockheed Martin Corp has withdrawn from the U.S. Air Force’s competition to build at least 75 refueling tankers, the company said, giving Boeing’s KC-46 Pegasus a boost in the closely watched multi-billion dollar Air Force contract. Airbus had teamed up with Lockheed in 2018 to offer its…
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Raytheon’s profit rises on China aviation boost
By Mike Stone and Pratyush Thakur WASHINGTON (Reuters) – Raytheon Technologies Corp reported a 4% rise in quarterly adjusted profit on Tuesday, as the aerospace and defense company saw strong Chinese demand for commercial aircraft spare parts and services. “The rebound in China was explosive,” chief financial officer Neil Mitchell said in an interview. “We…
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Lockheed Martin taps strong defense demand to beat results estimates
By Mike Stone and Shivansh Tiwary (Reuters) -U.S. weapons maker Lockheed Martin Corp’s first-quarter results surpassed Wall Street targets on Tuesday despite parts and labor shortages, as simmering geopolitical tensions fueled demand from both U.S. and international customers. Shares of the company rose as much as 3.8% to hit a record high of $508.1 in…
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Northrop Grumman expects strong 2023 revenue as weapon demand surges
By Mike Stone and Nathan Gomes (Reuters) – U.S. defense contractor Northrop Grumman Corp on Thursday forecast full-year sales above Wall Street estimates, as it benefits from strong demand for weapons from countries ramping up their defense spend. The United States and its allies have been buying more arms and ammunitions and supporting Ukraine with…
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Northrop pegs full-year sales, earnings at lower end of guidance
By Mike Stone and Nathan Gomes (Reuters) – U.S. defense contractor Northrop Grumman Corp on Thursday said it expected full-year sales and profit to be near the lower end of its forecast amid lingering supply chain snags and higher costs that have weighed on earnings throughout the industry. The company’s shares were flat versus Wednesday…
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Raytheon quarterly revenue climbs on aerospace demand
By Mike Stone and Nathan Gomes (Reuters) – Aerospace supplier Raytheon Technologies Corp on Tuesday posted a near 5% rise in third-quarter revenue as air travel demand buoyed parts and services sales, though lingering supply chain issues spurred the company to trim its 2022 sales outlook. Raytheon, whose customers include Boeing Co and Airbus SE,…
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Lockheed beats estimates on F-35 sales, maintains guidance
By Mike Stone WASHINGTON (Reuters) – U.S. weapons maker Lockheed Martin Corp reported better-than-expected quarterly revenue on Tuesday, helped by higher sales in its aeronautics unit, which makes the F-35 fighter jet, as the company sees demand for arms increasing after Russia’s invasion of Ukraine. Shares were up as much as 3.8% to $412.56 during…
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General Dynamics revenues miss as profit rises on jet demand
By Aishwarya Nair and Mike Stone (Reuters) -Gulfstream jet maker General Dynamics Corp on Wednesday posted a 3.9% rise in second-quarter profit as business jet demand remained strong, but revenues missed forecasts as supply chain problems continued to hamper the defense industry. Shares were up 1.6% in early trading after the Reston, Virginia-based company posted…
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Congress moves to boost Biden’s defense budget
WASHINGTON • The U.S. House of Representatives Armed Services Committee on Wednesday backed a proposal to increase spending for the Department of Defense by $37 billion on top of the record $773 billion proposed by President Joe Biden. The vote paved the way for a Pentagon budget of at least $810 billion next year after…
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Lockheed quarterly profit falls 5.7% on supply chain snags
By Aishwarya Nair and Mike Stone (Reuters) -U.S. weapons maker Lockheed Martin Corp on Tuesday said its quarterly revenue fell while quarterly profits dropped 5.7% as supply chain woes triggered by the COVID-19 pandemic were compounded by inflation pressure. The company reaffirmed its full-year revenue outlook of about $66 billion which is in line with…