WASHINGTON (Reuters) – Raytheon Co (RTN.N: Quote, Profile, Research, Stock Buzz), one of the largest U.S. weapons makers, has agreed to pay $8 million in civil penalties to resolve hundreds of alleged violations of U.S. export control laws over the past decade, the U.S. State Department said on Tuesday.
The State Department said it reached the agreement with Massachusetts-based Raytheon after an extensive review showed the company’s “numerous violations demonstrated a recurring, corporate-wide weakness” in maintaining effective compliance controls.
WASHINGTON (Reuters) – The U.S. Army will hold a flight demonstration on Tuesday of a newly upgraded version of the Vietnam-era OH-58 Kiowa Warrior helicopter, an Army-led initiative that officials say will save $600 million in coming years.
The Army managed the project, which first began in December 2010 and was aimed at improving the capabilities of the existing helicopters by giving them a new common sensor, upgrading their cockpit displays, and cutting their weight by about 160 pounds (73 kg).
WASHINGTON, April 26 (Reuters) – U.S. Air Force Secretary
Michael Donley said on Friday he was stepping down after nearly
five years leading the service, during a time it faced scrutiny
for mishandling nuclear weapons, a spate of sexual assaults and
recurrent acquisition challenges.
Defense Secretary Chuck Hagel called Donley an outstanding
leader and said he had been an “invaluable adviser” during his
first months in office.
WASHINGTON (Reuters) – The Pentagon on Thursday downplayed a comment by one of its officials that he is not totally confident in the ability of the $396 billion F-35 Joint Strike Fighter, built by Lockheed Martin Corp, to survive a cyber attack.
The Pentagon’s F-35 program office issued a statement that the Department of Defense was “fully aware of evolving cyber threats and is taking specific action to counter them for all fielded systems, including F-35.”
(Reuters) – U.S. weapons maker Raytheon Co (RTN.N: Quote, Profile, Research, Stock Buzz) on Thursday increased its profit forecast for 2013 after a stronger-than-expected jump in first-quarter earnings, the only major arms company to boost its earnings guidance despite fresh U.S. defense budget cuts.
The company, which makes Patriot missiles and a wide array of other military equipment, said it now expected earnings per share of $5.26 to $5.41 from continuing operations for the full year, up from an earlier forecast of $5.16 to $5.31.
WASHINGTON, April 24 (Reuters) – Top Pentagon officials on
Wednesday cited both progress and continuing risks on the $396
billion Lockheed Martin Corp F-35 fighter program, and
said Singapore had shown “tremendous interest” in the
next-generation stealth fighter.
Air Force Lieutenant General Christopher Bogdan, the
Pentagon’s F-35 program chief, told a subcommittee that he
expects to reach agreement with Lockheed about a sixth and
seventh batch of F-35s by the end of May, followed by a contract
award in June. Sources familiar with the matter said the deal
would cover 71 planes and would be worth about $9 billion.
WASHINGTON, April 24 (Reuters) – U.S. weapons makers
reported higher-than-expected profit and improved margins for
the first quarter, even as revenue began to taper off after more
than a decade of sharp growth in U.S. military spending.
Boeing Co’s defense division, Northrop Grumman Corp
and General Dynamics Corp on Wednesday followed
the lead of Pentagon supplier Lockheed Martin Corp in
reporting higher earnings and lower revenue.
WASHINGTON, April 24 (Reuters) – Northrop Grumman Corp
reported higher-than-expected first-quarter earnings and
sales on Wednesday and stood by its previous forecast for the
full year despite what it called “an uncertain and constrained
Northrop, one of the largest U.S. weapons makers, reported
net earnings of $489 million, or $2.03 per share, compared with
$506 million, or $1.96 per share, a year earlier.
(Reuters) – General Dynamics Corp (GD.N: Quote, Profile, Research, Stock Buzz) reported slightly higher first-quarter earnings on Wednesday, far exceeding analysts’ forecasts, but revenue fell short of expectations.
The maker of tanks, ships and Gulfstream jets reported net earnings of $571 million, or $1.62 per share, up from $564 million or $1.57 per share, a year earlier.
WASHINGTON (Reuters) – Top weapons makers reported higher-than-expected profit and improved margins for the first quarter, even as revenue began to taper off after more than a decade of sharp growth in U.S. military spending.
Boeing Co’s (BA.N: Quote, Profile, Research, Stock Buzz) defense division, Northrop Grumman Corp (NOC.N: Quote, Profile, Research, Stock Buzz) and General Dynamics Corp (GD.N: Quote, Profile, Research, Stock Buzz) on Wednesday followed the lead of top Pentagon supplier Lockheed Martin Corp (LMT.N: Quote, Profile, Research, Stock Buzz) in reporting higher earnings and lower revenue.