Sectors News Results

  • Lockheed Martin Sets Modest Sales Expectations as Pandemic Weighs on Spending

    Lockheed Martin Corp. (LMT) said it expects sales to rise about 3% next year as the world's largest defense company provided a first look at the impact of slowing military budget growth. The company said Tuesday that it expects sales to be at or above $67 billion in 2021 as it reported forecast- beating quarterly earnings and boosted 2020 guidance following a rise in its order backlog to a record $150 billion. The defense industry has been one of the U.S. economy's most-resilient sectors...

  • Boeing Delivered 11 Aircraft in September, but Won No New Orders

    Boeing Co. (BA) said Tuesday that it didn't win any new orders in September and delivered only 11 aircraft, weighed by the continued grounding of the MAX, weak demand for its wide-body planes and production problems affecting its 787 Dreamliner. Boeing (BA) and rival Airbus SE are cutting production and jobs in response to the slump in air travel, and face a glut of undelivered planes, reversing the picture a year ago when airlines clamored for jets that were behind schedule.

  • Lockheed, Micron and Others Pay Bills Early to Protect Suppliers

    To help shield themselves from the economic damage caused by the coronavirus pandemic, some big U.S. manufacturers are trying something different: They are paying their bills early. Businesses such as Lockheed Martin Corp. (LMT) and Micron Technology Inc. (MU) that depend on complex global networks for parts and services are worried the prolonged economic slowdown could disrupt their supply chains. Looking to deepen ties with their suppliers, reduce risks or grab market share, the...

  • Rolls-Royce Plans GBP2 Billion Disposals to Boost Balance Sheet -- Update

    --Rolls-Royce (RYCEF) is reviewing options to strengthen balance sheet, including making GBP2 billion of disposals. --The company posted a first-half pretax loss of GBP5.37 billion and expects 2020 underlying revenue to be down 25% to 30%. --Rolls-Royce (RYCEF) said it continues to expect GBP4 billion cash outflow this year.

  • Rolls-Royce 1st Half Pretax Loss Widened

    Rolls-Royce Holdings PLC (RYCEF) said Thursday pretax loss for the first half of 2020 widened and the board won't recommend an interim shareholder payment for 2020 due to the coronavirus pandemic. The U.K. engineering company said it has identified a number of potential disposals which are expected to generate proceeds of more than 2 billion pounds, and that these include ITP Aero and a number of other assets. As part of its restructuring plan, the company said more than 4,000 people in...

  • Durable-Goods Orders Rose 11.2% in July -- 2nd Update

    Orders for long-lasting factory goods rose for a third straight month in July as manufacturers boosted output and the economy continued its climb back from disruptions related to the coronavirus pandemic. New orders for durable goods-- products designed to last at least three years-- increased 11.2% in July from the previous month, the Commerce Department reported Wednesday. Orders for military aircraft and motor vehicles led the gains, pushing new orders for transportation...

  • Boeing Plans New Staff Buyouts

    Boeing Co. (BA) plans more job cuts in response to a pandemic-driven drop in jetliner demand it expects to continue for at least three years. The aerospace giant told its employees in a memo late Monday that it is adding a second round of buyout offers, a move that would further reduce its workforce by an unspecified number beyond the cut of 19,000 already announced in July. The company has increased the target set in April of cutting overall staff numbers by around 10%, according to the...

  • Aerospace Suppliers Brace for Hard Landing

    Companies that make parts for Boeing Co. (BA) and Airbus SE (EADSF) jets, and provide airlines with everything from engine spares to window shades, are shrinking rapidly in the wake of the pandemic-driven travel downturn. The Precision Castparts unit of Berkshire Hathaway Inc. (BRK/A) this week became the latest supplier to flag huge job cuts as the maker of aircraft-engine parts said it had shed 10,000 staff-- 30% of its workforce-- since the start of the year. Warren Buffett's investment vehicle took...

  • Blue Apron, Scotts Miracle-Gro Benefit From Stay-at-Home Measures -- Earnings at a Glance

    Companies providing do-it-yourself products benefited as the Covid-19 pandemic has kept millions of people in their homes. Blue Apron Holdings Inc. (APRN), which ships meal ingredients to customers, said it turned a profit for the second quarter as demand for meal kits rose amid shelter-in-place measures. The results mark the company's first quarterly profit since it went public in 2017, according to FactSet.

  • Boeing Plans Deeper Job and Production Cuts

    Boeing Co. (BA) said it would cut production of commercial jets and shrink its workforce further as the coronavirus pandemic deepens its toll on the global aviation industry. The U.S. aerospace giant said Wednesday that it lost $2.4 billion in the second quarter, reflecting the impact of the pandemic as well as the prolonged grounding of the 737 MAX aircraft following two fatal crashes. This compared with a loss of $2.9 billion in the same period last year.

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