Monday, May 20 2013 12:30 AM EDT2013-05-20 04:30:40 GMT
(RNN) - Tornadoes have touched down in Oklahoma and Kansas, leaving a trail of damage.There are no reports of fatalities or injuries, but homes and businesses are damaged in Witchita, KS and outside ofMore >>
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South Korea says North Korea has fired a projectile into waters off its eastern coast a day after launching three short-range missiles in the same area.More >>
South Korea is analyzing whether projectiles North Korea fired into its eastern waters over the weekend are short-range missiles or a new type of artillery the country may be developing, officials said Monday.More >>
Sunday, May 19 2013 5:00 PM EDT2013-05-19 21:00:22 GMT
The Alabama Department of Transportation will conduct its annual rehearsal of the plan that helped safely evacuate the Gulf Coast during Hurricane Ivan in 2004 and Hurricane Dennis in 2005. On Wednesday,More >>
The Alabama Department of Transportation will conduct its annual rehearsal of the plan that helped safely evacuate the Gulf Coast during Hurricane Ivan in 2004 and Hurricane Dennis in 2005. More >>
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Some lucky person walked into a Publix supermarket in suburban Florida over the past few days and bought a ticket now worth an estimated $590.5 million - the highest Powerball jackpot in history.More >>
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NEW YORK, March 20, 2013 /PRNewswire/ -- A new Deloitte report that analyzes the U.S. aerospace and defense (A&D) sector's financial performance found that defense revenues and earnings continued to decrease, while commercial aerospace continued double digit revenue growth in 2012. Defense firms revenue decreased 1.5 percent and earnings fell 7.4 percent, while commercial aerospace revenue increased 18.3 percent and earnings increased by 13.2 percent.
On March 1, 2013, an additional budget reduction associated with the automatic "sequester" took place, due to inaction on a new budget proposal, resulting in $46 billion in annual defense cuts. Assuming that these cuts will be proportional and that the entire amount remains in subsequent congressional actions, it is estimated that up to another 12 percent, or $25 billion, of defense and government contractor budgets are likely to be impacted for a combined total of approximately 24 percent in reductions.
"With U.S. defense budgets being cut, defense contractors are likely to experience continued revenue declines, and in some cases accelerated revenue declines. It's expected that U.S. defense contractors will aggressively address this revenue shortfall with foreign military sales, acquisitions, new product introductions and growth in adjacent markets," said Tom Captain, vice chairman, Deloitte LLP and aerospace and defense sector leader.
Overall, the top 20 U.S. A&D companies' revenues increased 5.5 percent to $354.7 billion, primarily driven by record-setting commercial aircraft production, which offset the negative revenue decline within the defense subsector. Overall operating earnings decreased 2.2 percent to $36.0 billion due to the impact of slowing defense spending.
The report details the financial performance of the top 20 publically listed A&D companies headquartered in the U.S., based on sales revenue. The data to conduct the analysis was obtained from company filings as well as company press reports of fiscal year-end, unaudited financial performance.
Deloitte's A&D sector focuses on top issues facing the industry. Deloitte A&D practitioners have deep industry experience and are actively involved in various segments of the industry, including: M&A, advanced technology programs, airplane program launches, and acquisition reform and economic assistance packages. For more information about Deloitte's A&D group, please visit: www.deloitte.com/us/a&d.
As used in this document, "Deloitte" means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.