WASHINGTON (Reuters) – Boeing Co (BA.N: Quote, Profile, Research, Stock Buzz) and General Dynamics Corp (GD.N: Quote, Profile, Research, Stock Buzz) on Thursday each agreed to give the U.S. Navy $200 million in aircraft and services to settle an epic, 23-year legal dispute over cancellation of the $4.8 billion A-12 stealth aircraft in 1991.
The agreement resolves the last of series of legal cases spawned in 1991 when then-Defense Secretary Dick Cheney canceled the A-12 Avenger II program after it ran into major schedule delays and cost overruns in the 1980s.
WASHINGTON (Reuters) – A new U.S. Defense Department report warns that ongoing software, maintenance and reliability problems with Lockheed Martin Corp’s F-35 stealth fighter could delay the Marine Corps’ plans to start using its F-35 jets by mid-2015.
The latest report by the Pentagon’s chief weapons tester, Michael Gilmore, provides a detailed critique of the F-35′s technical challenges, and focuses heavily on what it calls the “unacceptable” performance of the plane’s software, according to a 25-page draft obtained by Reuters.
WASHINGTON, Jan 23 (Reuters) – Lockheed Martin Corp,
maker of F-35 fighter jets, satellites and warships, on Thursday
forecast higher earnings in 2014 after charges linked to U.S.
defense budget cuts and workforce reductions depressed earnings
in the fourth quarter.
Lockheed Chief Financial Officer Bruce Tanner told reporters
2014 would likely mark a “trough” in U.S. military spending,
with recent budget agreements paving the way for a more stable
outlook going forward.
LONDON (Reuters) – Britain may announce an order for 14 Lockheed Martin-built F-35 super-stealth jets as early as next week, three sources familiar with the talks told Reuters.
The so called ‘Main Gate 4′ order, for the F-35 B vertical take-off variant of the Joint Strike Fighter, would mark the Britain’s first firm F-35 purchase since it committed to buying 48 planes in 2012.
WASHINGTON (Reuters) – General Dynamics Corp (GD.N: Quote, Profile, Research, Stock Buzz) shares rose more than 5 percent on Wednesday after the maker of Gulfstream business jets and Navy ships posted higher-than-expected quarterly results, and pledged to buy back 11.4 million shares in the first quarter.
Chief Executive Phebe Novakovic, marking her first year on the job, forecast lower earnings and revenues in 2014 but said there was more upside than downside on revenues and that the company would likely adjust its earnings guidance upward in the second quarter after the share repurchase.
WASHINGTON (Reuters) – The U.S. Defense Department has notified Congress that it had approved the sale to Singapore of upgrades for 60 F-16 fighter jets, setting off a potential competition for an order valued at $2.43 billion.
The Pentagon’s Defense Security Cooperation Agency, or DSCA, said Singapore had requested an upgrade of 60 aging F-16 jets built by Lockheed Martin Corp (LMT.N: Quote, Profile, Research, Stock Buzz) to improve their reliability and effectiveness in combat.
WASHINGTON, Jan 22 (Reuters) – Lockheed Martin Corp’s
estimate that its F-35 fighter plane program supports
125,000 jobs in the United States is “greatly exaggerated” and
the real amount may be half that number, according to a new
think tank report issued Wednesday.
William Hartung, a longtime critic of the $392 billion F-35
program, argues in the report issued by the nonprofit Center for
International Policy that Lockheed is overstating the number of
F-35-related jobs to shore up support for the program.
WASHINGTON (Reuters) – The U.S. Justice Department is investigating export and import procedures at Honeywell International Inc after the firm included Chinese parts in equipment it built for the F-35 fighter jet, three sources familiar with the matter said.
Reuters last week reported that the Pentagon twice waived laws banning Chinese-built components in U.S. weapons in 2012 and 2013 for parts supplied by Honeywell for the $392 billion Lockheed Martin Corp F-35 program.
WASHINGTON, Jan 9 (Reuters) – European countries must
shoulder more of the political and economic responsiblity for
NATO’s common defense to ensure the continued relevance of the
alliance in coming years, Norwegian Defense Minister Ine Eriksen
Soreide said on Thursday.
Soreide, who met with an number of U.S. lawmakers this week
and is due to meet with U.S. Defense Secretary Chuck Hagel on
Friday, said the United States could not be expected to continue
paying for over 70 percent of NATO’s defense needs.
WASHINGTON (Reuters) – Norway’s defense minister on Thursday said the Lockheed Martin Corp F-35 fighter program is on the right track after a major restructuring in 2010, with the cost of the new stealth warplane coming down and most technical issues solved.
But Ine Eriksen Søreide, who became defense minister in October, told Reuters that Norway was keeping a close eye on the program’s costs, software development, prospects for industrial participation by Norwegian industry, and how the planes will be serviced once they are delivered to Europe.