24/7 Market News- Defense Industry This Week

July 26, 2024

DENVER, Colo., Jul 26, 2024 (247marketnews.com)- NAPC Defense, Inc. (OTCPK:BLIS), RTX (NYSE:RTX), Northrop Grumman Corporation (NYSE:NOC), and General Dynamics (NYSE:GD)

Although this week was dominated by earnings reports, there were several notable industry developments.

NAPC Defense, Inc. (OTCPK:BLIS) stated that its representatives are in Saudi Arabia, following their European meetings with allied country defense contracting partners, to perform numerous live-fire demonstrations of CornerShot firearm tactical devices and represent other arms and munitions technology for potential orders, as well as other related business as requested by Saudi Arabian parties.

NAPC anticipates a new Definitive Order Agreement, based on its previously announced signed and stamped LOI from Saudi Arabia for an initial order of 37,000 units of the CornerShot, valued at (U.S.) $370 million. NAPC Defense has an exclusive license to produce and sell CornerShot for Saudi Arabia and The United States.

RTX’s (NYSE:RTX) Pratt & Whitney and OGMA Indústria Aeronáutica de Portugal S.A. induced the first Pratt & Whitney GTF engine during the inaugural opening of OGMA’s Alverca-based facility.

Marc Meredith, vice president of aftermarket for GTF engines at Pratt & Whitney, commented, “This marks a significant milestone in our expanding relationship with OGMA and Embraer, furthering our commitment to providing global industry-leading service and support to increase GTF MRO capacity.

“OGMA brings more than a century of maintenance expertise to the network and will provide critical support for the growing GTF fleet in Europe.

RTX (NYSE:RTX) also reported its second quarter 2024 financial results, yesterday, including reported sales of $19.7 billion, an 8% increase over last year’s second quarter, adjusted EPS of $1.41, a 9% increase over the prior year, and a Company backlog of $206 billion.

“RTX delivered strong operational performance in the second quarter, with 10 percent organic sales* growth, adjusted margin* expansion across all three segments and $2.2 billion in free cash flow*,” said RTX President and CEO Chris Calio. “The strength in our end markets and first half performance give us the confidence to increase our outlook for adjusted sales* and adjusted EPS* for the full year.”

“With a $206 billion backlog and unprecedented demand across our portfolio, we are focused on executing on our customer commitments powered by our CORE operating system, investing in innovative technologies and capabilities, and leveraging the breadth and scale of RTX to drive long-term shareowner value.”

Northrop Grumman Corporation (NYSE:NOC) was another one that released its second quarter 2024 financial results and it easily exceeded analysts’ expectations, as year-over-year revenue increased 6.7% to $10.22 billion. Northrop Grumman also raised its full-year revenue and EPS guidance.

General Dynamics (NYSE:GD) reported 18% y-o-y revenue growth for the second-quarter of 2024, to $12 billion, on Wednesday, while generating operating earnings of $1.2 billion. up 20.2% over the previous year period.

General Dynamics’ chairman and chief executive officer, Phebe N. Novakovic, stated, “This was a strong quarter overall, as reflected by solid growth in all key measures from a year ago. Our businesses continue to focus on disciplined execution of their programs, cost and schedule.

“In the Aerospace segment, we are continuing to ramp up the pace of our G700 deliveries and our defense businesses continued to grow, reflecting increased demand in response to the threat environment.”

About 24/7 Market News
As a pioneer in digital financial market media, 24/7 Market News (24/7MN) is dedicated to the swift distribution of financial market news and information. 24/7 MN incorporates comprehensive corporate communications resources and tools to engage the investment community. Visit 24/7 Market News website here.

24/7 MARKET NEWS, INC Disclaimer
Please go to https://247marketnews.com/disclaimer/ for disclaimer information. 24/7MN received $500 for publishing a series of editorials featuring BLIS.

CONTACT:
24/7 Market News
Editor@247marketnews.com

Related news for (BLIS, RTX, NOC, GD)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.