Industry Week in Review – November 29, 2013
According to new data from Avascent Analytics, the United States currently ranks as the leading supplier of defense aircraft for Asia-Pacific partners and allies. The increased percentage of U.S. investments in the region comes as the nation continues to shift resources to the Asia-Pacific as it withdraws forces from Iraq and Afghanistan as well as government contractors redirecting attention to international sales amidst domestic budget uncertainty. The U.S. will have sold about $79.2 billion worth of defense aircraft and related equipment, including development and production costs, between fiscal years 2009-2023 to various countries in the Asia-Pacific. Italy ranks second with about $48.7 billion during the time period, while India currently ranks third.
As the expiration date for the current government funding bill nears, House Republicans are contemplating a short-term continuing resolution that would fund the government through April 15th, since it is unlikely budget negotiators will reach a long-term deal by December 13th, the deadline for the conference committee to report an agreement. Additionally, the current funding bill passed on October 16th expires on January 15th, but House members are not expected to return back to Washington until January 7th, leaving little time for further negotiations.
Intevac, Inc. (Up 13.4%) – Shares were up this week after the Company’s Board of Directors authorized the repurchase of $30 million of the Company’s common stock.
SIFCO Industries, Inc. (Up 11.8%) – Shares were up this week after the Company reported a strong fiscal 2013 as net sales increased 12.8% from the previous year.
AeroVironment, Inc. (Up 9.7%) – Shares were up this week after the Company reported positive fiscal second quarter earnings with increased backlog and overall results in-line with expectations.
Winchester Electronics Corporation acquired Haverhill Cable and Manufacturing Corporation, a provider of semi-rigid coaxial cable and cable assemblies for commercial, military, and satellite equipment. Terms of the deal were not disclosed.