Defense Contractors Report Strong Performance
DENVER, Colo., Oct 22, 2024 (247marketnews.com)- RTX (NYSE: RTX) reported that its third quarter 2024 adjusted sales grew to $20.1 billion, a 6% increase over last year’s third quarter, while its adjusted EPS grew 16%, to $1.45.
“RTX delivered another strong quarter of organic sales* growth, adjusted segment margin* expansion, and free cash flow*,” said RTX President and CEO Chris Calio. “Demand across our portfolio, particularly within commercial aftermarket and defense, remains robust and gives us the confidence to again raise our full year outlook for adjusted sales* and adjusted EPS*.”
“With a record $221 billion backlog, we are focused on executing our strategic priorities to drive best-in-class performance, deliver for our customers and create long-term shareowner value.”
RTX increased its 2024 full year outlook for adjusted sales $79.25 – $79.75 billion, up from $78.75 – $79.5 billion, and adjusted EPS to $5.50 – $5.58, up from $5.35 – $5.45.
This strong operational performance is enhanced by global tensions, which is boosting many defense contractors.
NAPC Defense (OTCPK: BLIS) reported that its management team recently returned from an additional two weeks of meetings and demonstrations of its CornerShot USA weapons systems in Saudi Arabia, n support of 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 representatives successfully demonstrated CornerShot at the Tabuk military installation in northern Saudi Arabia to four military groups and NAPC has two more demonstrations scheduled in November for two special operations military groups in Saudi Arabia.
The proposed final contract is expected to include a transfer of technology after completion of the initial order of 37,000 CornerShot units. NAPC Defense would receive a significant fee to complete the transfer over a five-years.
Kenny West, CEO of NAPC, stated, “We are pleased with our progress with the CornerShot USA Weapons Systems in both Saudi Arabia and the USA. Our sales projections and net profit forecasts remain on target for 2025.
Mercury Systems (NASDAQ: MRCY) reported, yesterday, that it was awarded a five-year contract worth as much as $131.3 million from the U.S. Naval Air Systems Command (NAVAIR) to continue providing secure data transfer systems for naval aircraft.
Mercury has supplied the Navy with its Advanced Data Transfer Systems (ADTS) and components since 2017 to support numerous rotary-wing and fixed-wing aircraft.
“Mercury has a strong partnership with the Navy, providing a range of data storage and transfer, video recorders, mission computers, and cockpit displays for the aircraft fleet,” said Roya Montakhab, Mercury’s SVP of Integrated Processing Solutions. “We are exceptionally proud to continue delivering ADTS systems that ensure critical government data is protected.”
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