Thursday, April 25, 2024
Thursday, April 25, 2024
This Tuesday INSIDER Daily Digest has coverage from TransDigm's quarterly earnings call, a Pentagon "defense wide" review as well as news from the latest Selected Acquisition Report summary.
Under pressure from Congress, TransDigm opted to repay $16 million in excess profit on certain contracts, but executives speaking to analysts today said the reimbursement was voluntary and not an admission of guilt:
TransDigm CEO: $16 million voluntary repayment was 'in the best interest of the company'
TransDigm Group executives today said a new Defense Department inspector general audit underway will likely yield the same results as a previous review.
In an Aug. 2, 2019 memo, Deputy Defense Secretary David Norquist announces a "comprehensive zero-based review" has been directed of all defense functions and activities:
Norquist: New review of all defense functions will 'begin immediately and move forward aggressively'
Defense Secretary Mark Esper has directed a "comprehensive zero-based review" of all defense functions and activities, beginning with a kickoff meeting on Saturday, according to a new memo.
Document: Norquist 'defense wide' review memo
Check out Inside Defense's latest coverage of the Pentagon's Selected Acquisition Reports:
Price tag for DOD weapons roster now more than $2 trillion
The estimated price tag for the Defense Department's roster of big-ticket weapons projects has grown to more than $2 trillion, an increase of $101 million compared to last year as the U.S. military prepares for great power competition with China and Russia, laying plans for more missiles, ships and aircraft.
Navy's SM-6 cost up $2.8 billion as service again expands procurement
The Navy has once again increased its procurement objective for the Standard Missile-6, taking the program's total cost up by nearly $2.8 billion as the Pentagon gears up for a period of great power competition.
Price tag for new Air Force One program jumps to $5.2 billion
The Presidential Aircraft Replacement program will cost $5.2 billion, the Pentagon revealed last week, roughly $500 million more than the $4.6 billion Air Force estimate for the pair of new highly modified Boeing 747-8s presented to Congress in March -- and a year after President Trump claimed White House negotiations saved more than $1.4 billion on the VC-25B development contract.