Andrea's Feed
Oct 30, 2014

Pratt wins $1.05 bln U.S. deal for 48 more F-35 engines

WASHINGTON, Oct 30 (Reuters) – Engine maker Pratt & Whitney
on Thursday said it had won a contract to build an eighth batch
of 48 engines for the F-35 fighter jet built by Lockheed Martin
Corp, bringing the total value of the deal to $1.05

Pratt, a unit of United Technologies Corp, said the
new contract was for $793 million, on top of $259 million in
preliminary funds awarded and would lower the average cost of
the engines between 3.5 percent and 4.5 percent.

Oct 30, 2014

NASA explosion fuels concerns about Russian engines, oversight

WASHINGTON, Oct 29 (Reuters) – The explosion of an Orbital
Science Corp supply rocket over Virginia could
accelerate U.S. efforts to replace aging Russian space
technology with a pricey homegrown rocket engine.

Even before the crash on Tuesday, Orbital had planned to
switch to another engine for future launches, given the age of
Soviet-era motors now in use as well as uncertainty about future

Oct 29, 2014

Exclusive: BAE Systems says U.S. halted its work on F-16 upgrades for South Korea

WASHINGTON (Reuters) – The U.S. unit of Britain’s BAE Systems Plc on Tuesday said the U.S. Air Force has halted some of the company’s initial work on a project to upgrade South Korea’s F-16 fighter jets amid ongoing talks about the second phase of the project.

“We remain concerned about the lack of progress in the negotiations between the Republic of Korea and the U.S. Air Force on the KF-16 upgrade program that has now resulted in a partial stop work order,” said BAE spokesman Brian Roehrkasse.

Oct 28, 2014

Pentagon urges industry to innovate, take risks to meet threats

WASHINGTON (Reuters) – The U.S. Defense Department is expanding its dialogue with weapons makers about emerging threats and potential technology solutions, a top U.S. official said on Tuesday, urging companies to invest in areas such as “big data” and quantum sciences.

“Technological superiority is not assured,” Katrina McFarland, assistant secretary of defense for acquisition, told executives at a conference hosted by the TechAmerica Foundation. “The firms that make strategic investments now will succeed.”

Oct 24, 2014

Pentagon official upbeat on streamlining U.S. military acquisitions

WASHINGTON, Oct 24 (Reuters) – The Pentagon and Congress
have better-than-ever odds of reaching agreement on how to
streamline myriad overlapping laws that slow the process for
buying military equipment and services, a top Defense Department
official said.

“I am optimistic,” Andrew Hunter, a former congressional
aide who helped draft many of those laws before joining the
Pentagon four years ago, told reporters on Thursday. He said he
saw emerging consensus among industry, lawmakers and defense
officials about the need for changes.

Oct 23, 2014

Raytheon beats on earnings despite drop in sales

WASHINGTON (Reuters) – Raytheon Co (RTN.N: Quote, Profile, Research, Stock Buzz) on Thursday beat analysts’ forecasts for third-quarter earnings despite a bigger-than-expected drop in revenue, and the U.S. weapons maker said its bookings pointed to renewed sales growth in coming years.

“We still have confidence in how the year will play out,” Chief Financial Officer Dave Wajsgras told Reuters. He said revenue should rise in the fourth quarter, buoyed in part by a large deal with Qatar for a Patriot missile defense system now being finalized.

Oct 22, 2014

Lockheed Martin challenges contract to Raytheon

WASHINGTON, Oct 22 (Reuters) – Lockheed Martin Corp
on Wednesday said it had filed a formal protest with the U.S.
Government Accountability Office (GAO) challenging the Air
Force’s decision to pick Raytheon Co to develop a new
long-range radar.

“We believe that we offered the most affordable and capable
solution for the program and have strong grounds for this
protest,” said Lockheed spokeswoman Rashi Ratan.

Oct 22, 2014

U.S. defense shares up as arms makers boost profit, margins

WASHINGTON (Reuters) – Shares of U.S. weapons makers rose broadly on Wednesday after a spate of third-quarter results showed continued growth in earnings and operating margins despite weaker revenue.

Tensions and violence around the world were also fueling hopes among investors that Congress will ease mandatory budget cuts that are due to resume in 2016, analysts said.

Oct 21, 2014

U.S. needs to invest in Arctic ships, technology to prepare for climate change: envoy

WASHINGTON (Reuters) – The United States needs billions of dollars of new equipment including ice-breaking ships, better satellite service and fiber-optic networks as it prepares for climate change and melting ice in the Arctic, a top U.S. official said on Tuesday.

The total cost will not be clear until the U.S. government inventories its investment needs, former Coast Guard Commandant Admiral Robert Papp, who became the first U.S. special representative for the Arctic Region in July, told Reuters in an interview on Tuesday.

Oct 21, 2014

Lockheed forecasts drop in 2015 sales, third-quarter revenue disappoints

WASHINGTON (Reuters) – Lockheed Martin Corp (LMT.N: Quote, Profile, Research), the Pentagon’s top supplier, on Tuesday said higher pension income boosted quarterly profit despite a continuing drop in revenues, and foreign sales should reach a target of 20 percent of revenues by year-end.

Chief Financial Officer Bruce Tanner said the company’s net earnings rose 5 percent to $888 million (550.94 million pounds) in the quarter, or $2.76 per diluted share, driven higher largely by higher pension income, while revenues fell 2 percent to $11.1 billion.