Andrea's Feed
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.

Oct 21, 2014

Lockheed boosts third quarter profit 5 percent as sales drop again

WASHINGTON (Reuters) – Lockheed Martin Corp (LMT.N: Quote, Profile, Research, Stock Buzz), 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 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.

Oct 21, 2014

S.Korea warns it may cancel BAE systems contract to upgrade F-16 jets

SEOUL/WASHINGTON, Oct 21 (Reuters) – South Korea said it
could cancel a planned $1 billion-plus deal for BAE Systems Plc
to upgrade its F-16 fighter jets and seek a new
different contractor if talks with the British company do not
proceed smoothly.

The contract, which is between the U.S. and South Korean
governments with the work outsourced to BAE, has run into
trouble after the U.S. Air Force added on significant risk
“reserves” to proposed costs, said two U.S.-based sources
familiar with the matter.

Oct 20, 2014

Lockheed says has plan to catch up on F-35 deliveries by year-end

WASHINGTON, Oct 20 (Reuters) – Lockheed Martin Corp
on Monday confirmed that it had delivered just 22 of 36 F-35
fighter jets promised to the U.S. government this year, but had
a plan to complete work on the remaining 14 warplanes over the
next two months.

“We are not giving up on delivering 14 more aircraft this
year,” Lockheed spokesman Mike Rein told Reuters when asked
about delays in deliveries. “We’ll get there.”

Oct 19, 2014

U.S. Marines tap female execs for advice on growing women in ranks

WASHINGTON, Oct 19 (Reuters) – Last spring, U.S. Marine
Corps Commandant General James Amos did not even know who Sheryl
Sandberg was.

Six months later he is good friends with Sandberg, the chief
operating officer of social media company Facebook Inc, a
top advocate for empowering women to take on leadership roles.