Welcome to today's Defense Business Briefing, your weekly roundup of the latest defense industry news.

Huntington Ingalls CFO: 'There's no doubt' DOD will need additional funding for delayed programs

As Congress debates whether the Pentagon needs more money to cope with the coronavirus outbreak, Huntington Ingalls Industries' chief financial officer said the Defense Department will certainly need additional funding to cover the increased costs of delayed programs -- even if it opts not to help contractors.

Perspecta predicts $75 million hit to sales in next year because of COVID-19

Perspecta's chief financial officer said the company expects the coronavirus crisis to cut sales in its fiscal year 2021, which began April 1, by $75 million. The outbreak is slated to trim operating income for the year by $20 million.

Huntington Ingalls CFO says company expects to complete sale of oil and gas business this year

Despite the coronavirus and a dramatic decline in the price of oil earlier this year, the sale of Huntington Ingalls Industries' oil and gas business continues, according to the company's chief financial officer.

PSC: New Section 3610 guidance is 'a lot more complicated' than anticipated

The Professional Services Council is preparing to send comments to the Pentagon about draft guidance issued this week related to implementing Section 3610 of the CARES Act, which is meant to provide reimbursement for contractors unable to work because of the coronavirus outbreak.

GAO: Airbus allegations against Navy helicopter selection are 'without merit'

Despite Airbus making a series of objections to the Navy's technical assessment of its proposal for a new training helicopter, the Government Accountability Office found the company's allegations are "without merit," according to a summary of the watchdog's decision.

LMI adds two to board

LMI said it has named retired Navy Vice Adm. Raquel Bono and Costa Saab to its board of directors.

The week ahead

Senior defense officials are scheduled to participate in several online events this week, as are executives from some of the largest defense companies.

Griffin 'worried' federal pandemic spending spree could blow back on new weapon plans

Mike Griffin, the Pentagon's chief technology officer, said he is concerned that weapon system research and development spending will soon be squeezed as the federal deficit mounts in the wake of the novel coronavirus outbreak and pressure grows to rein in federal spending -- a view he said should come as no surprise to anyone.

Air Force proposes alternate Space Force acquisition system with new authorities

A new report from the Air Force makes nine recommendations for a tailored, clean-sheet Space Force acquisition system -- proposals the service says will streamline the way the Defense Department develops and acquires space capabilities.