U.S. defense contractor Northrop Grumman Corp. on Thursday forecast full-year sales rising past Wall Street estimates as it leads a host of manufacturers benefiting from rising global demand for military weaponry.
by the State Department on Wednesday, weapon manufacturers in the U.S. profited handsomely in 2022 due to the massive amount of arms sales to other countries – especially Ukraine.
As a result of the war in Ukraine and a rise of tensions between the U.S. and China over Taiwan, arms sales skyrocketed from $35.8 billion in 2021 to $51.9 billion in 2022, and an even larger profit was seen due to direct weapon sales from U.S. manufacturers, going from $103.4 billion in 2021 to $153.7 billion that same year.
The biggest clients include Germany, which has ordered 35 F-35 Joint Strike Fighter airplanes for $8.4 billion, and Poland, which spent $6 billion on 250 M1 Abrams tanks. Others include Spain, the UK and Bulgaria who recently joined NATO. In this image provided by the U.S. Air Force, Airmen and civilians from the 436th Aerial Port Squadron palletize ammunition, weapons and other equipment bound for Ukraine during a foreign military sales mission at Dover Air Force Base, Del., on Jan. 21, 2022.
General Dynamics, which makes Abrams tanks and Stryker vehicles, meanwhile reported revenue of $2.18bn in its combat systems business in the fourth quarter of 2022, up 15.5 percent from the same period in 2021, with operating earnings rising over 18 per cent to $332mn.
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