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US Aerospace/Defense Companies & Contracts
 
BOEING REPORTS SECOND-QUARTER RESULTS
Wednesday, July 26, 2017
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Boeing Saab T-X Trainer

Source: Boeing


Boeing Saab T-X Trainer

Source: Boeing


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CHICAGO - For the second quarter of 2017, Boeing reported sales of $22.7 billion, down 8 percent from sales of $24.7 billion in the second quarter of 2016. Net income for the quarter was $1.8 billion compared to a loss of $234 million a year ago.

"In the second quarter, we added to our large and diverse order backlog with key wins in commercial airplanes, defense, space and services, while achieving important milestones such as delivering the first 737 MAX airplane, flying the second production-ready T-X trainer aircraft, and conducting a successful Ground-based Midcourse Defense intercept test," said Chairman, President and Chief Executive Officer Dennis Muilenburg.

"As we look to the second half of the year, our teams are focused on accelerating productivity, quality and safety improvements across the company, while completing key development efforts and delivering better capabilities and economics to our customers."

Total company backlog at quarter-end was $482 billion, up from $480 billion at the beginning of the quarter, and included net orders for the quarter of $27 billion.

INDUSTRY SEGMENTS

Commercial Airplanes

Commercial Airplanes second-quarter revenue was $15.7 billion (2Q16: $17.4 billion) on planned production rates and timing of deliveries. Second-quarter operating income was $1.6 billion compared to a loss of $973 million in the second quarter of 2016. Operating margin was 10.0 percent, reflecting solid execution.

During the quarter, Commercial Airplanes delivered the first 737 MAX 8 aircraft and announced the launch of the 737 MAX 10. Demand continues to be healthy with 571 incremental orders and commitments announced at the Paris Air Show, including 56 for widebody aircraft and 361 for the launch of the 737 MAX 10. Also at the Paris Air Show, a number of commercial service agreements were announced that provide further growth opportunity for Boeing Global Services.

Commercial Airplanes booked 183 net orders during the quarter (2Q16: 199). Backlog remains robust with more than 5,700 airplanes valued at $424 billion.

Defense, Space & Security

Defense, Space & Security second-quarter revenue was $6.9 billion (2Q16: 7.2 billion). Second-quarter operating income was $890 million compared to $593 million in the second quarter of 2016. Second-quarter operating margin increased to 12.9 percent, reflecting increased productivity in all three segments.

Boeing Military Aircraft (BMA) second-quarter revenue was $2.9 billion (2Q16:$3.0 billion), reflecting lower planned C-17 deliveries, and operating margin increased to 13.2 percent on improved performance. During the quarter, BMA was awarded a contract for the remanufacture of 38 AH-64E Apache helicopters for the United Kingdom, and the second production-ready T-X aircraft completed first flight.

Network & Space Systems (N&SS) second-quarter revenue was $1.7 billion (2Q16:$1.8 billion), reflecting timing of satellite volume. Operating margin increased to 9.1 percent reflecting improved performance. During the quarter, N&SS was awarded a contract from the Missile Defense Agency for Redesigned Kill Vehicle Development.

Global Services & Support (GS&S) second-quarter revenue was $2.3 billion (2Q16:$2.4 billion), reflecting timing of contracts. Operating margin increased to 15.4 percent reflecting strong performance. During the quarter, GS&S was awarded a contract from the Defense Logistics Agency to support the F-15 fleet, which will be carried out by Boeing Global Services.

Backlog at Defense, Space & Security was $58 billion, of which 37 percent represents orders from international customers.

Source:  Forecast International Government & Industry Group
Associated URL: www.boeing.com
Source Date: July 26, 2017
Author: R. Pettibone, Gov't & Industry  
Posted: 07/26/2017

 
 
GENERAL DYNAMICS REPORTS SECOND-QUARTER 2017 RESULTS
Wednesday, July 26, 2017
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Gulfstream G500 T4

Source: Gulfstream


Gulfstream G500 T4

Source: Gulfstream


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FALLS CHURCH, Va. - General Dynamics reported second-quarter 2017sales of $7.7 billion, down 1.3 percent from sale of $7.8 billion in the second quarter of 2016. Net earnings were $749 million, up almost five percent from $714 million a year prior.

"General Dynamics' strong second quarter performance reflects our focus on operations and executing on our programs," said Phebe N. Novakovic, chairman and chief executive officer. "We are confident in our outlook for the future, built on a solid defense backlog and continued good order activity across the portfolio of Gulfstream business jets."

General Dynamics' total backlog at the end of second-quarter 2017 was $58.6 billion, compared to $65 billion in the second quarter of 2016. There was order activity across the Gulfstream product portfolio and strong demand for defense products, including another quarter of a book-to-bill ratio (orders divided by revenue) greater than one-to-one in the Information Systems and Technology group. The estimated potential contract value, representing management's estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $24.4 billion. Total potential contract value, the sum of all backlog components, was $83 billion at the end of the quarter.

INDUSTRY SEGMENTS

Aerospace had 2017 second quarter sales of $2.08 billion down 9 percent compared to 2016 period sales of $2.28 billion. Operating income rose to $425 million compared to $424 million in 2016. For the first half of the year, Gulfstream delivered 60 aircraft compared to 64 in the first half of 2016.

Combat Systems posted 2017 second quarter sales of $1.41 billion, up 9 percent from $1.3 billion in 2016. Operating income rose to $225 million compared to $205 million in 2016.

The Information Systems and Technology segment reported sales of $2.1 billion, down 5 percent compared to $2.21 billion in 2016. Operating income rose to $240 million for the quarter compared to $234 million in the same period in 2016.

In the Marine segment sales rose 5 percent to $2.08 billion in 2017 compared to $1.99 billion in 2016. Operating income for the quarter rose to $178 million compared to $172 million in 2016.

Source:  Forecast International Government & Industry Group
Associated URL: www.gd.com
Source Date: July 26, 2017
Author: R. Pettibone, Gov't & Industry  
Posted: 07/26/2017

 
 
U.S. ISSUES SCANEAGLE UAV CONTRACT FOR AFGHANISTAN
Tuesday, July 25, 2017
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Source: Insitu


Source: Insitu


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WASHINGTON - Insitu Inc. has won a $19.6 million contract to provide five ScanEagle Unmanned Aircraft Systems (UASs) and other spares and support for the Afghan National Army (ANA). This contract will help to support ScanEagle UAV operations within Afghanistan. Work on this contract will be completed in April 2018.

To date, Insitu's systems have accumulated more than 975,000 flight hours and 120,000 sorties. Insitu is a wholly owned subsidiary of The Boeing Company.

Source:  U.S. Department of Defense
Associated URL: https://www.defense.gov/News/Contracts/Contract-View/Article/1257663/
Source Date: July 25, 2017
Posted: 07/26/2017

 

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