The Russian invasion of Ukraine in 2022 is starting to boost defense contractors' revenues, as customers such as the U.S. government restock supplies shipped to Ukraine and countries around Europe arm themselves with an eye on Moscow's aggressions.
U.S. defense contractors such as Lockheed Martin, General Dynamics and others expect that existing orders for hundreds of thousands of artillery rounds, hundreds of Patriot missile interceptors and a surge in orders for armored vehicles expected in the months ahead will underpin their results in coming quarters.
"We've gone from 14,000 rounds per month to 20,000 very quickly. We're working ahead of schedule to accelerate that production capacity up to 85,000, even as high as 100,000 rounds per month," Jason Aiken, General Dynamics' chief financial officer, said on a call with Wall Street analysts on Wednesday.
Third-quarter sales for Northrop Grumman's Defense Systems segment rose 6% on high demand for ammunition and rocket motors used in guided multiple-launch rocket systems , which play a crucial role in supporting Ukraine's defense efforts against Russian forces. During his latest request for $106 billion in new funds for Ukraine, Israel, the Indo-Pacific region and border enforcement, U.S. President Joe Biden on Oct. 20 said some of the supplemental request would go to companies that backfill production of U.S. weapons sent abroad. Biden mentioned Patriot missiles made in Arizona, and "artillery shells manufactured in 12 states across the country," naming Pennsylvania, Ohio and Texas.
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