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Defense firms frustrated over unfilled Pentagon jobs as contracts delayed

Jul. 28, 2017 10:22 AM ETGeneral Dynamics Corporation (GD) StockGE, BA, GD, LMT, NOC, LLL-OLD, HON, COL, TXT, KTOS, HII, LHX, RTXBy: Carl Surran, SA News Editor119 Comments
  • Many critical positions at the U.S. Department of Defense remained unfilled seven months into the Trump administration, and frustrated defense contractors are now boiling over in earnings conference calls.
  • General Dynamics (GD +0.5%) Chairman and CEO Phebe Novakovic vented about the situation earlier this week, saying "without the appointments, it is difficult to process contracts and get authorized and appropriated funds obligated to contracts."
  • Defense industry execs say the vacancies - the Pentagon's top acquisition post remains empty with no confirmation hearings set for a replacement, and only 10 of 53 key jobs have been filled with permanent replacements - are becoming a drag on signing new contracts and executing existing programs, which could cost defense contractors money and result in taxpayers paying more in the end for programs and services.
  • Other relevant tickers include BA, LMT, RTN, NOC, TXT, HII, LLL, HRS, COL, KTOS, HON, GE.

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