Defense Giants Post Record Backlogs As Iran War Drains America’s Missile Stockpiles– dailycaller.com
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EXCERPT:
Two of America’s largest defense contractors reported record order backlogs Tuesday, with RTX securing nearly $23 billion in Tomahawk cruise missile contracts as the Pentagon faced mounting costs to replace weapons expended during the war with Iran.
RTX disclosed a record $340 billion companywide backlog, including $164 billion in defense orders, while Northrop Grumman reported a record $109.6 billion in outstanding contracts. Although neither company attributed its overall backlog to the Iran conflict, RTX secured major orders for Tomahawk missiles and missile defense interceptors, weapons the U.S. military expended during the fighting.
RTX reported quarterly revenue climbed 11% to nearly $25 billion, according to its earnings release. Its Raytheon defense division generated $8 billion in sales, a 14% increase from a year earlier, driven by higher production volumes on naval weapons, Patriot air defense systems, Standard Missiles and Tomahawk cruise missiles.
Raytheon’s operating profit jumped 32% to $1.13 billion, while RTX secured more than $81 billion in new commercial aerospace and defense awards during the quarter.
RTX CEO Chris Calio said approximately $23 billion in Tomahawk contracts and more than $14 billion in AMRAAM missile orders accounted for the majority of the company’s nearly $59 billion in quarterly defense bookings. The Tomahawk orders included a $22.9 billion contract awarded in August to expand production for the U.S. Navy.
