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The Department of Defense’s priorities for the next five years call for protected and prioritized investments in weapon technology and new capabilities.
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Phebe Novakovic became the CEO of General Dynamics Corporation (NYSE:GD) in 2013. This report will, first, examine the...
Flir Systems (FLIR) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Aerojet Rocketdyne's (AJRD) fourth-quarter sales of $523 million increase 19.4% year over year and surpass the Zacks Consensus Estimate by 3.8%.
ManTech (MANT) delivered earnings and revenue surprises of 35.00% and 3.38%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
(Bloomberg) -- A top Defense Department official who advised against cutting off U.S. military aid to Ukraine has resigned after President Donald Trump asked for his departure.John Rood, the under secretary of defense for policy, said in a letter to the president dated Wednesday that he’ll step down Feb. 28 “as you requested.” Rood, who had been in his post since January 2018, didn’t say why the president sought his ouster.“It’s my understanding from Secretary Esper that you requested my resignation from serving as Under Secretary of Defense for Policy,” Rood said in his letter, which was confirmed by Pentagon officials. “I leave with the utmost admiration for the outstanding team with which I worked at the Defense Department.”Some senior national security officials had lost confidence in Rood’s ability to carry out Trump’s agenda, according to multiple officials who asked not to be identified discussing a personnel matter.Rood drew attention because he was the official who certified in May to Congress that Ukraine was eligible to receive $250 million in security assistance. That aid was later temporarily blocked by the White House, a decision at the center of Trump’s impeachment.The president had recently asked some associates whether Rood should be released, according to a person familiar with the matter. Trump wished Rood well in a tweet.CNN reported earlier this month that Rood warned Defense Secretary Mark Esper against withholding military aid to Ukraine in an email on July 25, the same day Trump asked the country’s president, Volodymyr Zelenskiy, in a phone call to investigate former Vice President Joe Biden and his son, Hunter.Trump was acquitted by the Senate earlier this month of abuse of power and obstruction of Congress over his pressure campaign on Ukraine.After the trial ended, Trump quickly moved to oust some members of his administration who testified in the House impeachment inquiry, including Lieutenant Colonel Alexander Vindman from the White House National Security Council and U.S. Ambassador to the European Union Gordon Sondland.Rood will be replaced by deputy under secretary James Anderson until a permanent replacement is named, Pentagon spokesman Jonathan Hoffman told reporters. The post is one of the most important at the Pentagon, managing the office that translates and implements policy set by senior defense civilian leaders. The office uses as its benchmark National Security Strategies published by incoming administrations and companion National Defense Strategies issued by the Pentagon.Despite a decade in the private sector, some of Trump’s associates considered Rood a bureaucrat who would delay execution of the president’s policies. Trump likes his directives to be implemented rapidly and national security aides believed Rood never fully agreed with the president’s positions, according to two people familiar with the situation.One Republican national security official who asked not to be named said some of Rood’s colleagues disliked his performance as a leader. During Rood’s tenure, several other people in the Pentagon’s policy shop departed. In July, Rood’s deputy, David Trachtenberg, resigned after less than two years. The departure of Assistant Secretary of Defense for Indo-Pacific Security Affairs Randall Schriver was announced in December. He had been in the role since January 2018.Rood joined the department after having served as a vice president at Lockheed Martin Corp. He previously had worked in a variety of government agencies, including the Central Intelligence Agency, the National Security Council and as a Senate staff member and adviser to former Senator Jon Kyl, a Republican from Arizona.To contact the reporters on this story: Jennifer Jacobs in Washington at email@example.com;Jordan Fabian in Washington at firstname.lastname@example.org;Tony Capaccio in Washington at email@example.comTo contact the editors responsible for this story: Alex Wayne at firstname.lastname@example.org, Bill FariesFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
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Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does General Dynamics (GD) have what it takes? Let's find out.
Northrop Grumman Corporation (NYSE:NOC) stock is about to trade ex-dividend in 3 days time. This means that investors...
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterEskom Holdings SOC Ltd.’s new boss has taken a first step to reduce the indebted South African power utility’s bloated wage bill while avoiding a potential clash with labor unions.Chief Executive Officer Andre de Ruyter, who took office at the start of the year, intends trimming Eskom management by offering voluntary severance packages to personnel aged 60 to 62. The utility set aside 400 million rand ($27 million) for the plan, an allocation it expects to recoup through savings within a year.Asking staff to leave of their own accord is a relatively easy measure that can be utilized to start trimming staff numbers, according to Andrew Levy, managing partner at Andrew Levy Employment, which advises companies on labor relations.“It is really top heavy,” he said. “The voluntary package is a portent of things to come.”Eskom has amassed 454 billion rand ($30.5 billion) in debt, and isn’t generating enough income to cover its operating costs. While its headcount fell about 4% to 46,665 in its last financial year, it still has about a third more staff than it says it needs and wider job cuts have been resisted by labor unions.De Ruyter embarked on extensive cost cutting during his previous tenure as CEO of packaging company Nampak Ltd,. disposing of loss-making units and reducing staff numbers to shore up the company’s balance sheet. While he’s ruled out firing Eskom workers, the utility does need to further reduce a workforce that’s expanded more than 23% in the past decade even as electricity sales volumes declined.“Eskom cannot survive without massive staff cutbacks,” Levy said.So-called lifestyle audits already under way at the utility -- to weed out corruption and curb reckless spending -- will be extended to lower-level staff, News24 reported on Sunday, citing De Ruyter. Audits of senior managers and their families that began two year ago resulted in a number of disciplinary actions, with some cases referred to the police’s Special Investigating Unit, it said.Applications for the voluntary packages will start in the third week of February, with exits planned by the end of April, and no critical skills will be lost in the process, according to Eskom. The voluntary severance won’t be offered to staff who don’t hold management posts.The National Union of Mineworkers and the National Union of Metalworkers of South Africa, the two largest unions at Eskom, didn’t immediately respond to requests for comment.(Updates with plans for lifestyle audits in third-last paragraph.)To contact the reporter on this story: Paul Burkhardt in Johannesburg at email@example.comTo contact the editors responsible for this story: James Herron at firstname.lastname@example.org, Mike Cohen, Pauline BaxFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Lockheed Martin (LMT) have what it takes? Let's find out.
(Bloomberg) -- Global companies from Lockheed Martin to Sweden’s Saab AB are offering military hardware from submarines to helicopters to Prime Minister Narendra Modi’s government as part of his $250 billion defense modernization program. But bureaucratic delays and a funding crunch has made future deals next to impossible.Airbus SE won a $1.7 billion contract to supply transport planes to the Indian Air Force in 2015 -- it’s first military agreement in the South Asian nation since 1962. Five years later, that deal is yet to be signed.India’s inability to speed up the modernization of its weaponry to guard the border with arch rivals Pakistan and China shows the Modi-led administration’s challenge to transform an industry plagued by red tape. While New Delhi is the world’s fourth-biggest military spender, its air force, navy and the army are still equipped with weapons that are largely obsolete.“The defense procurement procedure needs major, thorough reforms, not just an update,” said Jon Grevatt, the Asia-Pacific defense industry analyst with Jane’s, adding the complex approval processes and lack of finances are the main drag on military modernization. “Unless the Modi government really introduces major reforms into its procurement process then we will continue see delays.”No OrdersAn air of despondency hung over the gathering of top arms manufacturers last week in Lucknow, a nineteenth century battleground city in northern India. Executives heard Modi and Defense Minister Rajnath Singh extolling the need to modernize, collaborate and export out of India, while remaining silent on future orders.A historic mandate about six years ago handed Modi a unique opportunity to aggressively buy arms, without fearing the political opposition that often derails such purchases. But implementation has been poor. The prime minister has missed that window of opportunity, at least seven executives said, asking not to be identified as they still do business with the government.A Defense Ministry spokesman wasn’t immediately available to comment.About 60% of defense spending goes to paying salaries for India’s 1.3 million soldiers -- one of the world’s largest standing armies. What’s left is spent on past purchases, leaving the forces with obsolete equipment and not enough ammunition.India’s spending in the year starting April 1 will be $47.34 billion, of which $16.2 billion is for capital expenditure and of that, about 90% is devoted to existing obligations and committed liabilities. That leaves little to meet demands for weapons purchases and modernization.Time LagThe political leadership is well aware of the need for modern weapons. The mainstay for Indian Army’s artillery are the Swedish-designed Bofors guns bought in the 1980s, while the air force and navy have an aging fleet of Soviet-era aircraft and warships.The process to buy fighter jets started more than a decade ago. When talks stalled over price and quality guarantees, the government scrapped the purchase of 126 fighter jets in 2015 and instead bought 36 Rafale jets separately. In 2018, it began the process to buy another 114 aircraft.Aiming to develop a robust military industrial base, Modi’s government has revised defense procurement procedures, pushed for long-term strategic partnerships between Indian companies and global equipment manufacturers, further eased overseas investment regulations and diversified weapons suppliers.Meanwhile, the U.S. State Department has approved a possible sale to India of an Integrated Air Defense Weapon System, that includes radar systems, missiles and rifles at cost of $1.8 billion, the U.S. Defense Security Cooperation Agency announced Monday. It comes ahead of President Donald Trump’s two-day visit to India starting Feb. 24Still, a parliamentary panel said implementation of the strategic partnership model which envisaged private players building military platforms like submarines and fighter jets in partnership with major global defense companies remains a non-starter. That’s mostly because of a lack of coordination in attracting foreign defense companies to set up local manufacturing, according to the 2018 report.Technology TransferSaab AB pulled out of the race to locally build submarines after it realized it would have to assume all liabilities but wouldn’t have control over the venture. The company, which is pitching its Gripen jets to the government with billionaire Gautam Adani’s defense business, has now made clear it wants control of the venture if it’s required to transfer state-of-the-art technology to its local partner.During the last three financial years till 2019, 149 capital acquisition contracts were signed and of these, 58 contracts worth about $20 billion were placed with foreign vendors, the defense ministry told parliament in December. These are small ticket items only, the company executives said, not submarines, jets or helicopters. Procurement from Indian vendors also fell to its lowest level in five years to financial year 2019.“We are at least convinced that Saab and also other global original equipment manufacturers would be willing to transfer more technologies to India, if we have majority of control,” said Ola Rignell, chairman and managing director of the Saab India Technologies Pvt. Ltd.(Updates with U.S. announcement in 13th paragraph)To contact the reporters on this story: Anurag Kotoky in New Delhi at email@example.com;Bibhudatta Pradhan in New Delhi at firstname.lastname@example.orgTo contact the editors responsible for this story: Ruth Pollard at email@example.com, ;Young-Sam Cho at firstname.lastname@example.org, Unni KrishnanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
On-orbit manufacturing startup Made In Space has tapped Colorado's Blue Canyon Technologies (BCT) to help support its Archinaut One demonstration mission contracted by NASA, which is currently set to take place in 2022. The mission will see Made In Space show off the assembly of two 10-meter solar arrays on orbit, which will then be used to power an ESPA-class satellite, providing up to five times more power than is available via power sources used for those satellites not assembled on orbit. BCT will be providing development of the spacecraft platform (along with Northrop Grumman) that Made In Space will use to delver its Archinaut manufacturing platform, which employs additive manufacturing and robotic assembly to be able to build structures while on orbit.
ManTech (MANT) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Sales growth at Aerojet Rocketdyne's (AJRD) Aerospace and Defense unit is anticipated to have boosted the company's overall Q4 performance.
Aerojet Rocketdyne (AJRD) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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Huntington Ingalls (HII) continues to incur significant expenses related to the damage of its DDG 119 Delbert D. Black ship, which is likely to have dampened its fourth-quarter bottom line.
Today we'll take a closer look at National Presto Industries, Inc. (NYSE:NPK) from a dividend investor's perspective...