US defence companies report declining sales
US prime defence contractors have reported declining sales for the third quarter of 2013 as some of their businesses are affected by the current budget situation.
It has mainly been short-cycle businesses that have been impacted with the larger backlogs of longer-cycle businesses securing steady revenue.
Marilyn Hewson, CEO and president of Lockheed Martin, told reporters in a conference call: ‘With the closure of government’s FY2013 we can now determine that budget reduction actions implemented under sequestration will result in limited impact to our portfolio programmes in 2013, with impacts seen primarily on our short-cycle business.’
Further, Northrop Grumman
Already have an account? Log in
Want to keep reading this article?
More from Defence Notes
-
Amazon Project Kuiper emphasises user-friendly solutions for multi-domain connectivity (Studio)
At DSEI 2025, Shephard's Alix Valenti spoke to Project Kuiper's Rich Pang about the importance of enabling seamless communication between allied forces such as NATO members in challenging operational environments.
-
Israel defence ministry pushes ambitious spending plans for tanks, drones and KC-46 aircraft
The procurement and acceleration production plans – some of which still await approval – across the air and land domains will aim to strengthen the operational needs of the Israel Defense Forces.
-
US reforms its defence acquisition system to focus on commercial capabilities
This shift is planned to accelerate the procurement and fielding of capabilities. As part of this strategy, the US also intends modernise its regulations in an attempt to change its bureaucratic and risk-averse culture.