Jason Gursky

Answer

SVP and CFO Kenneth Bedingfield confirmed there was no change to the model, with L3Harris retaining 30-40% of LHX NEXT savings as margin. Chairman and CEO Christopher Kubasik described a robust space outlook, highlighting opportunities in weather satellites, missile tracking, and various roles as a prime, sub, and merchant supplier. He expects market momentum to increase in the second half of the year.

Ask Fintool Equity Research AI

Answer

SVP & CFO Kenneth Bedingfield confirmed no change to the model, with 30-40% of LHX NEXT savings expected to generate margin opportunity. Chairman & CEO Christopher Kubasik described a broad space strategy across all orbits and noted a recent industry slowdown but expects momentum to pick up in the second half of the year. He also sees international opportunities for their weather satellite technology.

Ask Fintool Equity Research AI

Answer

CEO Christopher Kubasik, a vocal advocate for reform, stated the goal is to increase purchasing power through speed and agility. He identified low-hanging fruit like reforming the FAR, eliminating Cost Accounting Standards, and raising the threshold for Truth in Negotiation Act (TINA) requirements. He believes reform will favor agile companies like L3Harris that can adapt to commercial-like practices and that it will be a 'game changer' for the industry, especially in buying software and resilient communications.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Phebe Novakovic noted continued strong demand for NASSCO's ships. EVP of Global Operations Danny Deep explained the EAC was due to a flood that reduced production lines, followed by a subsequent issue that created significant rework. He stated that they expect to resolve the issue and have both production lines running by the end of the year.

Ask Fintool Equity Research AI

Answer

Phebe Novakovic, Chairman and CEO, stated that GD welcomes the increased focus on shipbuilding and has had productive conversations with the administration. Regarding acquisition reform, she expressed support for the dialogue, emphasizing the importance of understanding what works and what doesn't in the current process to reduce bureaucracy and cost drivers.

Ask Fintool Equity Research AI

Answer

CEO Phebe Novakovic highlighted capitalizing on the strong growth profile in the Marine group, the competitive positioning of the Technologies group, and translating strong demand into revenue at Combat Systems as key focus areas. On the balance sheet, CFO Kim Kuryea noted its strength, a recent credit rating upgrade, and plans to repay maturing debt, with both executives stating they feel good about their current position.

Ask Fintool Equity Research AI

Answer

Chair, CEO & President Kathy Warden highlighted the 'Beacon' mission testbed as an example of new investments, where the company partners with others to test and integrate autonomous capabilities. She stated that future warfare will require a combination of exquisite and lower-cost systems working together, and that Northrop Grumman already operates across this spectrum. The strategic shift involves new go-to-market approaches, like partnering to provide integrated solutions rather than just selling hardware.

Ask Fintool Equity Research AI

Answer

CEO Kathy Warden listed her top priorities as advancing technology for military superiority, driving internal efficiency to deliver value, and deploying resources for maximum shareholder and customer impact. She noted that the Department of Defense uses a broad set of acquisition strategies, embracing both innovative, high-capability systems and lower-cost technologies, but emphasized that equipping the military requires leading-edge, not just commercially available, technology.

Ask Fintool Equity Research AI

Answer

Chair, CEO and President Kathy Warden explained that the international portfolio is a mix, with direct commercial sales common for products like ammunition and FMS used for more complex systems. She noted both contract types tend to be accretive to margins. Domestically, she has observed more dialogue on contract types, which she views as healthy, but has not seen a significant strategic shift from the DoD.

Ask Fintool Equity Research AI

Answer

Christopher Calio, Chairman & CEO of RTX, highlighted Raytheon's strong demand, evidenced by a 1.35 book-to-bill ratio and a 25% backlog increase since year-end 2023. He pointed to robust demand in integrated air and missile defense and effectors, fueled by international partners and domestic initiatives like 'Golden Dome'. Calio noted that the company is ramping production on key programs like GemT and Coyote and investing $250 million in capacity, but did not speculate on the specific timing of when new funding would convert to sales.

Ask Fintool Equity Research AI

Answer

CFO Neil Mitchill stated that the net impact is the most relevant figure, as mitigations like USMCA and military duty-free exemptions significantly reduce the gross number. CEO Christopher Calio applauded the administration's efforts to streamline procurement, noting that faster contracting reduces risk and helps RTX execute on its significant backlog more quickly.

Ask Fintool Equity Research AI

Answer

Executive Christopher Calio identified executing on the $218 billion backlog and driving productivity as top priorities, highlighting 11% sales growth on only 2% headcount growth as evidence of progress. Regarding a U.S. missile defense system, he stated that as a partner on Israel's Iron Dome, RTX is well-positioned for what would be a significant opportunity in its core competency.

Ask Fintool Equity Research AI

Answer

Executive Christopher Calio noted that "green shoots" of productivity are emerging at Raytheon, driven by core operating system improvements and a healthier supply chain. He also pointed to company-wide automation and Industry 4.0 initiatives. Executive Neil Mitchill quantified the progress, stating Raytheon has seen a $110 million year-over-year productivity benefit and is on track for approximately $200 million for the full year, aided by new backlog being priced at current costs.

Ask Fintool Equity Research AI

Answer

Chairman & CEO Lawrence Culp stated that growth will come from existing programs and highlighted their Italian subsidiary, Avio Aero, as their core European defense asset with exposure to key programs like Eurofighter and GCAP. While open to new partnerships, he expressed confidence in their current strategic positioning to capture European growth.

Ask Fintool Equity Research AI

Answer

Chairman and CEO H. Culp responded positively, noting that reforms to Foreign Military Sales (FMS) will help GE deliver products to allies more efficiently, supporting growth for key programs. He also viewed efforts to streamline requirements and improve acquisition processes as beneficial. He added that holding the industry accountable for performance is not a bad thing, though it has limited direct impact on GE's current portfolio.

Ask Fintool Equity Research AI

Answer

CEO H. Culp acknowledged that while the company's FLIGHT DECK operating model is driving improvements, the full benefits to labor productivity have been masked by supply chain disruptions. He expressed confidence that as material input reliability improves—now over 90% from critical suppliers—the company will achieve more predictable factory flow and better labor productivity in 2025.

Ask Fintool Equity Research AI

Answer

CEO Will Marshall confirmed there is separate interest from the DoD for solutions like MDA, citing collaborations with the U.S. Navy, and for satellite services. He declined to speculate on EOCL renewal timing or other specifics, stating the situation is fluid, but reiterated his confidence in the overall demand signals from the U.S. government.

Ask Fintool Equity Research AI

Answer

CFO Ashley Whitfield Johnson advised using the midpoint of FY26 guidance as the baseline for the growth rate doubling and clarified that increased expenses are ongoing investments in R&D and Space Systems, not one-time costs. CEO William Marshall explained that Planet will monetize the satellite capacity covering the rest of the world (outside of JSAT's area of interest), which represents a significant, high-margin upside opportunity.

Ask Fintool Equity Research AI

Answer

CEO Will Marshall described the pilots as broadly successful, likening their value to finding 'unknown unknowns' for the intelligence community, and stated that establishing new programs and budgets is a multi-quarter effort. President Ashley Whitfield Johnson addressed cash flow break-even by reiterating the strategy: first, reach adjusted EBITDA profitability, then expand EBITDA to cover CapEx, and finally, manage CapEx spending to operate within existing cash reserves without needing to raise additional capital.

Ask Fintool Equity Research AI

Answer

CEO Toni Townes-Whitley provided a comprehensive overview, highlighting growth in the Civilian business, challenges and opportunities within the Army, and strong positioning in Air Force, Space, and Navy. CFO Prabu Natarajan addressed the CR, noting that while solicitations remain robust, larger awards face extra scrutiny. He expressed cautious optimism, stating the team is focused on on-contract growth to mitigate potential delays.

Ask Fintool Equity Research AI

Answer

CEO Toni Townes-Whitley explained that the shift to fixed-price contracts is viewed as a margin improvement opportunity, not necessarily a revenue risk, based on their experience in the civilian sector. CFO Prabu Natarajan added that the transition would be gradual. Regarding DoD priorities, Prabu emphasized that SAIC's focus is on executing well on mission-critical programs, which are less likely to be cut in a constrained budget environment. Toni reiterated that over two-thirds of their submitted pipeline aligns with these mission-critical areas.

Ask Fintool Equity Research AI

Answer

CFO Prabu Natarajan and CEO Toni Townes-Whitley clarified that significant intelligence-related work is embedded within their DoD business, particularly in areas like C2 and combatant commands. Regarding growth, Toni Townes-Whitley cited the natural lag between bid submission and revenue conversion, with impacts expected in H2 FY26. Prabu Natarajan added that the company is guiding for ~5% growth in FY27 and is strategically focused on profitable growth—'vitamins, not calories'—rather than just top-line volume.

Ask Fintool Equity Research AI

Answer

CEO Toni Townes-Whitley explained that the company is bidding more strategically into its growth vectors (Civilian, Enterprise & Mission IT) and is increasing its volume of FFP bids. She noted that FFP bids in the pipeline are about 10 points higher than in the current backlog. She expressed confidence in managing FFP risk by leading with mature, differentiated capabilities like secure cloud and digital engineering, and by strengthening program management controls. CFO Prabu Natarajan added that historical debriefs show SAIC performs well on cost but needs more technical differentiation, which the new operating model addresses.

Ask Fintool Equity Research AI

Answer

CEO Peter Beck stated the Mynaric acquisition serves a dual purpose: building a profitable merchant supply business and securing a scaled, reliable supply of components for Rocket Lab's own future constellations. He explained the SDA transport layer is unique due to its requirement for full interoperability with all DoD standards and systems. Beck concluded that the company is pursuing large-scale constellation opportunities across both government and commercial sectors, having matured to a point where it can competitively bid on both.

Ask Fintool Equity Research AI

Answer

CEO Sir Peter Beck attributed Neutron's timeline adjustments to an accumulation of smaller issues, like supplier challenges and early COVID-era constraints, rather than a single major failure. He noted the ultimate goal is to provide space services, a higher tier than being an OEM. CFO Adam Spice clarified the 2/3-1/3 mix target is for the current business, which the future applications segment would fundamentally alter.

Ask Fintool Equity Research AI

Answer

CEO Peter Beck defended the cadence as realistic, explaining that while some production can be front-loaded, critical learnings only come from flight tests. He stressed that a methodical approach is necessary when flying customer payloads and confirmed that scaling production to meet demand is the primary focus, not a lack of customers. He also expressed a bullish outlook on the new administration, citing its strong focus on space, national security, and commercial partnerships.

Ask Fintool Equity Research AI

Answer

CEO Lynn Bamford stated that she views the proposed acquisition reforms as a 'strong positive' for Curtiss-Wright. She explained that the company is well-positioned because it almost exclusively uses firm-fixed-price contracts, has strong commercial buying practices, and is set up to leverage Other Transaction Authority (OTA) partnerships—all key areas of the reform efforts.

Ask Fintool Equity Research AI

Answer

CEO Lynn Bamford characterized the transition as fast-paced, with unusual clarity on support for nuclear and fossil fuels but ambiguity on tariffs. She noted that a government focus on efficiency and fixed-price contracts would be a net positive for Curtiss-Wright. In response, the company is increasing its visibility at the Pentagon and on Capitol Hill. Her primary recommendation for the Pentagon was to streamline the slow and bureaucratic acquisition process to deliver more value.

Ask Fintool Equity Research AI

Answer

CEO Stephen Oswald confirmed that Ducommun sees more opportunity with Spirit AeroSystems and is actively engaged with them, highlighting strong operational performance and growth on 737 MAX skins. He also noted heavy quoting activity with Airbus. On the defense side, Suman Mookerji mentioned active bidding with RTX. Stephen Oswald elaborated that the trend of primes offloading complex work like circuit card assemblies continues, and Ducommun is capitalizing on this while also strategically expanding its customer base to Northrop Grumman and BAE Systems.

Ask Fintool Equity Research AI

Answer

Suman Mookerji, an executive, explained that the structures business has ample capacity due to low 737 MAX rates and that electronics growth would not be capital-intensive, maintaining the CapEx outlook around $20 million annually. Stephen Oswald, Chairman, President and CEO, added that plants are not running heavy second or third shifts. Regarding M&A, both executives described the pipeline as very active but emphasized that the company remains highly selective or 'picky eaters' to ensure the right strategic fit.

Ask Fintool Equity Research AI

Answer

President and CEO Kevin Stein stated it was too early to speculate on regulatory changes, noting they stay informed through close work with the DoD and DLA but have not seen this raised as a major issue yet. Co-COO Mike Lisman reported no meaningful uptick in PMA competition, citing the specialized nature of their products as a defense.

Ask Fintool Equity Research AI

Answer

CEO Kevin Stein confirmed the link between new aircraft availability and the ability to refurbish older planes but noted interiors are not a major part of their total business. He reiterated that they lack clear communication from OEMs on inventory plans. Co-COO Joel Reiss added that their operating units create bottoms-up forecasts to account for potential over-shipping.

Ask Fintool Equity Research AI

Answer

Co-COO Mike Lisman reported that distributor inventory levels are appropriate and stable. CEO Kevin Stein clarified that M&A 'discipline' refers to their strict criteria for proprietary products and high aftermarket content, not a fixed valuation multiple. He acknowledged paying higher multiples today but emphasized their 20% IRR target remains unchanged.

Ask Fintool Equity Research AI

Answer

CEO Tom Bell described high-level engagement with the FAA and Department of Transportation, noting the administration's goal to modernize the system within the current term. He affirmed Leidos is well-positioned with numerous existing programs and cited its global experience with the U.K.'s NATS system and its 'Skyline' product as evidence of its deep capabilities.

Ask Fintool Equity Research AI

Answer

President and CEO Jeremy Wensinger stated that V2X sees no push to move its work to the GSA and that it's too early to determine the impact of FAR reform. He and SVP and CFO Shawn Mural emphasized that V2X's core capabilities in training, readiness, and global support, particularly in the INDOPACOM region, align very well with the administration's stated priorities for national security.

Ask Fintool Equity Research AI

Answer

President and CEO Christopher Kastner reaffirmed the transition timeline, expecting to cross the 50% mark in 2027, despite some equipment delays on CVN 80. He stated it is too early to know the cash flow impact of reforms but sees Other Transaction Authorities (OTAs) as a clear positive with potential upside for the Mission Technologies division.

Ask Fintool Equity Research AI

Answer

CEO Christopher Kastner stated that while there is no 'pause' due to national security urgency, the company is repositioning its hiring strategy to focus on experienced labor to improve efficiency. Both Mr. Kastner and CFO Thomas Stiehle praised Mission Technologies' strong performance, citing 14% year-to-date growth, major contract wins, and a robust pipeline, expressing confidence in exceeding prior growth targets.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Scott Donnelly detailed Textron's deep involvement in unmanned systems, from ensuring new platforms like FLRAA have autonomous capabilities to programs in high-speed VTOL, remote combat vehicles, and unmanned minesweeping. He noted that while most of these are high-value platforms, Textron is also engaged in smaller programs in the classified and IRAD space that align with the concept of lower-cost, attributable systems.

Ask Fintool Equity Research AI

Answer

CEO Scott Donnelly cited supplier parts and labor turnover as the main drags on productivity, expressing confidence that the new labor contract and recent supply chain work will drive improvements. He identified an 18-to-24-month backlog as the ideal state for the Aviation business, as it allows for smooth production planning and customer coordination.

Ask Fintool Equity Research AI

Answer

James Taiclet, Chairman, President and CEO, welcomed and applauded the executive orders, noting the company has advocated for such changes. He believes reducing bureaucratic 'red tape' will accelerate both FMS and the adoption of new technologies, creating a more competitive environment for the entire U.S. industrial and technology base.

Ask Fintool Equity Research AI

Answer

CFO Jesus Malave acknowledged that under the right circumstances, it is possible for a single year to deliver high-single-digit growth, especially in the shorter term like 2025 where visibility is better. However, he emphasized that the company's current focus is on consistently achieving the mid-single-digit target before considering a higher multiyear framework.

Ask Fintool Equity Research AI

Answer

CEO Dirkson Charles and Director of IR Ian McKillop addressed OE demand, noting it's mixed but stronger than initially forecasted, with conservative exit rate assumptions of 30/month for Boeing and 50/month for Airbus. On M&A, McKillop stated the pipeline is active and to expect a pace of 1-2 deals per year. Executive Co-Chairman Brett Milgrim and CEO Dirkson Charles addressed tariffs, explaining the impact on LMB would be minimal, and for the broader business, proactive inventory purchases and the ability to pass on costs would mitigate any material impact.

Ask Fintool Equity Research AI

Answer

CEO Dirkson Charles explained that the 2025 guidance is cautiously optimistic, viewing it as a baseline the company expects to meet or exceed. He detailed minimal risk from commercial OEM challenges due to low direct exposure, strong confidence in commercial aftermarket driven by high demand and record backlogs, and a solid backlog in the defense sector. CFO Glenn D'Alessandro added that the strong cash flow conversion is driven by high EBITDA, expectations for stable working capital, and defined interest and capital expenditures.

Ask Fintool Equity Research AI

Answer

CEO Kelly Ortberg described the X-66 as an important technology development program providing key learnings for future aircraft. CFO Brian West projected negative BCA margins in 2025, improving through the year and into 2026. He argued that productivity gains from rate ramps and closing shadow factories would offset the pressure from the new IAM agreement, preserving long-term margin expectations.

Ask Fintool Equity Research AI

Answer

President and CEO Kelly Ortberg stated that walking away from major defense programs with performance issues is not a viable option due to long-term commitments to core customers. Instead, the focus is on working with customers to de-risk these programs. However, he did indicate that the company will evaluate whether to proceed with future phases of certain contracts and will stop doing some non-essential activities.

Ask Fintool Equity Research AI

Answer

CEO Pat Shanahan described the changes as a fundamental realignment of Spirit's and Boeing's inspection processes to drive corrective actions upstream. He noted the 'heavy lift' of standing up the new joint inspection process is largely complete, having already yielded a 15% improvement in quality in Q1. He expects a 'step function change' in quality by the second half of the year, which is foundational for future rate increases.

Ask Fintool Equity Research AI

Answer

CEO Pat Shanahan described the changes as a 'step function' improvement, highlighting the new joint inspection process with Boeing that aligns quality standards. He explained the 'heavy lift' of moving the inspection process 2,000 miles and normalizing it is complete, with a 15% quality improvement already seen in Q1. He believes this foundational work will enable future rate increases.

Ask Fintool Equity Research AI

Answer

Management stated that while supply chain dynamics have changed, the fundamentals of rate increases have not. The 2024 plan was aligned with Boeing to create stability, and they have line of sight on issues for rate 47, which are mainly related to raw materials and labor.

Ask Fintool Equity Research AI