Author: Mike Stone
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General Dynamics misses revenue estimates, beats profit on higher aerospace sales
By Nathan Gomes and Mike Stone (Reuters) -General Dynamics Corp on Wednesday had a mixed quarter as the defense giant missed analyst revenue estimates but beat their fourth-quarter profit estimates, helped by strong growth in its aerospace unit, even as supply chain bottlenecks and labor chain shortages lingered. Shares were down 1% in pre-market trading…
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U.S. FTC to sue to block Lockheed Martin’s $4.4 billion Aerojet deal
By Mike Stone WASHINGTON (Reuters) -The U.S. Federal Trade Commission said on Tuesday it voted unanimously to sue to block arms maker Lockheed Martin’s proposed $4.4 billion purchase of rocket engine maker Aerojet Rocketdyne Holdings Inc over antitrust concerns. Lockheed CEO Jim Taiclet said the company will review the FTC’s planned challenge, adding: “With the…
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Raytheon sales forecast disappoints as profit beats estimates
By Nathan Gomes and Mike Stone (Reuters) -Raytheon Technologies Corp on Tuesday forecast full-year sales below Wall Street estimates, even as demand for the company’s aerospace products and services benefited from a surge in air travel during the holiday season. Raytheon forecast full-year sales for 2022 to be in the range of $68.5 billion to…
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General Dynamics lowers revenue outlook as profit rises on marine, aero sales
By Sanjana Shivdas and Mike Stone (Reuters) -Defense contractor General Dynamics Corp posted a 3% rise in third-quarter profit on Wednesday, boosted by higher sales in the unit that makes U.S. Navy ships and its aerospace division, which makes Gulfstream business jets, but trimmed its annual revenue target by $400 million. “This quarter revenues decrease…
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Lockheed tumbles 11% as supply chain woes hammer forecast
By Mike Stone WASHINGTON (Reuters) -Lockheed Martin Corp dramatically lowered its sales expectations for this year and next on Tuesday, saying the COVID-19 pandemic has severely hobbled the top U.S. defense contractor’s supply chain, sending its shares down more than 11%. The pandemic has crippled many companies’ ability to send and receive the parts and…
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Raytheon raises profit forecast on commercial aero demand
By Nathan Gomes and Mike Stone (Reuters) -Raytheon Technologies Corp raised its forecast for full-year adjusted profit on Tuesday, as rising commercial air travel boosted demand for the aerospace and defense firm’s engines, spare parts and aftermarket services. But in an interview with CNBC Raytheon’s Chief Executive Greg Hayes warned the U.S. aerospace and defense…