Latest news with #UtkarshShetti
CTV News
14 hours ago
- Business
- CTV News
FedEx pauses pickups for shipments to Israel and Iraq
U.S. parcel delivery giant FedEx on Friday decided to halt all pickups for shipments to Israel and Iraq. Flights to some destinations in the Middle East have been halted amid ongoing tensions between Israel and Iran. The company said it was monitoring the situation in the region and will adjust operations as needed. (Reporting by Utkarsh Shetti in Bengaluru; Editing by Arun Koyyur)
Zawya
14 hours ago
- Business
- Zawya
FedEx suspends all pickups for shipments to Israel and Iraq
FedEx said on Friday all pickups for shipments destined to Israel and Iraq will be suspended. (Reporting by Utkarsh Shetti in Bengaluru; Editing by Arun Koyyur)
Yahoo
22-04-2025
- Business
- Yahoo
US defense contractors mostly maintain forecasts despite Trump tariffs
By Mike Stone and Utkarsh Shetti WASHINGTON (Reuters) -Major U.S. defense contractors are mostly maintaining their financial forecasts for 2025, saying it is too soon to understand the impact of U.S. President Donald Trump's tariffs. Lockheed Martin, the largest defense firm, reaffirmed its forecasts for the year on Tuesday, buoyed by resilient demand for its missile systems and fighter jets. Similarly, Northrop Grumman said its profit margins may narrow, but stuck with its sales prediction, indicating some confidence in the face of trade tensions. "We do not see, at this point in time, significant risk to our company related to the trade policies as we understand them today," Northrop CEO Kathy Warden told analysts. "We're going to monitor that closely and we're already taking action to account for and mitigate the risks that we do see, particularly in availability of certain components that we need for delivering on our programs." RTX Corp, formerly known as Raytheon Technologies, broke ranks by expressing concern about potentially $850 million in reduced profits from new levies on metals and China. This divergence highlights the varying impacts of trade policies across the defense and commercial aerospace sectors. RTX has large commercial aerospace businesses that make jet interiors and engines. The defense industry, like other sectors with complex manufacturing operations, is grappling with the potential effects of a global trade war. The situation has pressured an already strained supply chain, forcing companies to reassess their strategies and cost structures. Despite these challenges, the sector continues to benefit from a surge in global weaponry demand, fueled by the Russian war in Ukraine and conflict in the Middle East. This increased demand has helped offset some of the uncertainties stemming from trade disputes. However, RTX's concern signals the industry is not immune to trade pressures, highlighting the complex interplay between defense spending, international relations, and economic policies. A higher U.S. defense budget, suggested by Defense Secretary Pete Hegseth in an April 7 social media post, would benefit contractors' revenues while providing some stability and growth, even amid an uncertain economic outlook. Trump's review of military equipment export rules, aimed at easing restrictions, could potentially boost revenues for U.S. contractors. However, this comes as some allies, including Canada and the European Union, are reconsidering their reliance on U.S. defense equipment due to trade tensions and shifting geopolitical alliances. The European Union has outlined plans to shore up its own defense capabilities to reduce reliance on the U.S. by 2030, meaning any role for companies outside the bloc could diminish. Northrop Grumman posted a 49% drop in first-quarter profit and missed sales expectations, as the U.S. contractor booked losses on its B-21 stealth bomber program due to higher manufacturing costs, sending its shares down 12%. Lockheed reported higher first-quarter profit, boosting shares more than 2%. Lockheed quarterly earnings per share of $7.28 beat Wall Street analyst expectations of $6.34. Collins Aerospace, RTX's aerospace and avionics arm, posted an 8% rise in revenue that touched $7.22 billion in the quarter, while the Pratt and Whitney unit, which makes engines for Airbus', A320neo jets, saw sales rise 14%. Raytheon, RTX's defense unit, reported a 5% fall in sales year-over-year, primarily driven by the divestiture of its cybersecurity, intelligence and services business completed last year. Sign in to access your portfolio
Yahoo
22-04-2025
- Business
- Yahoo
Lockheed Martin's quarterly profit rises on resilient defense demand
By Utkarsh Shetti and Mike Stone (Reuters) -Lockheed Martin reported a higher first-quarter profit on Tuesday and reaffirmed its forecasts for the year on the back of resilient demand for its missile systems and fighter jets. Defense contractors have benefited from a surge in demand for weapons against the backdrop of the Russia-Ukraine war and conflicts in the Middle East. Legacy companies in the sector are also expected to get a potential boost from U.S. President Donald Trump's review of military equipment export rules that he is seeking to ease. Lockheed's aerospace business, which makes the F-35 fighter jet, posted a 3.1% rise in sales in the first quarter. The F-35 program has been beset by delays in rolling out a technology upgrade to give the jet better displays and processing capabilities for its electronic systems. Lockheed reported total revenue of $17.96 billion in the first quarter, up 4.5% from a year earlier. Sales during the quarter increased at all the company's units, except its space division. The company's net income rose to $1.71 billion, or $7.28 per share, in the quarter, from about $1.55 billion, or $6.39 per share, a year earlier. Sign in to access your portfolio
Yahoo
22-04-2025
- Business
- Yahoo
RTX posts higher quarterly profit on strong demand for jet services
By Utkarsh Shetti and Mike Stone (Reuters) -RTX reported a higher first-quarter profit and reaffirmed its annual outlook on Tuesday, as strong demand for jet repair and maintenance services helped offset weaker sales in the company's defense unit. The aerospace and defense major has benefited from steady demand for parts and maintenance as airlines fly aging fleets amid jet production delays, even as broader market uncertainty grows due to U.S. President Donald Trump's trade war and ongoing supply chain challenges. Arlington, Virginia-based RTX reported total revenue of $20.31 billion for the quarter ended March 31, higher than the about $19.31 billion it posted a year ago. On an adjusted basis, it reported a per-share profit of $1.47 on net income of $1.99 billion for the quarter, compared with $1.34, or $1.79 billion last year. Collins Aerospace, RTX's aerospace and avionics arm, posted an 8% rise in revenue that touched $7.22 billion in the quarter, while the Pratt and Whitney unit, which makes engines for Airbus' A320neo jets, saw sales rise 14%. Pratt is currently in the process of conducting an inspection drive for potentially flawed components in its Geared Turbofan (GTF) engines that has led to the grounding of hundreds of planes in recent months. Raytheon, RTX's defense unit, reported a 5% fall in sales year-over-year, primarily driven by the divestiture of its cybersecurity, intelligence and services business completed last year. Defense contractors, continuing to benefit from surging demand amid heightened geopolitical tensions, may also get a potential boost from Trump's review on military equipment export rules that he is seeking to ease. Some experts have suggested that a higher defense budget supports backlog at contractors, providing stability in revenues for key government programs.
