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  • Friday, April 19, 2024

Defense Firms Report Impact of Gov’t Shutdown, Expect Military Funding Increase for Fiscal 2020


Major defense primes General Dynamics (NYSE: GD), Lockheed Martin (NYSE: LMT) and Northrop Grumman (NYSE: NOC) did not experience “notable” impacts from the 35-day partial government shutdown, Wells Fargo Securities reported Friday.

The investment bank added that Booz Allen Hamilton (NYSE: BAH) projected a March quarter impact of nearly $20M in revenue, while CACI (NYSE: CACI) recorded $1M to $1.5M in a weekly revenue impact, with 300 employees affected.

The Wall Street Journal reported Tuesday defense contractors expect the White House to request a fiscal 2020 military budget that would equal or exceed previous spending on combat aircraft, space hardware and missile defense systems.

President Donald Trump indicated a potential defense funding proposal in the $700B to $750B range. He signed on Jan. 25 a continuing resolution to reopen and fund the government for three weeks.

The White House could issue its spending blueprint as early as this week.

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