1218 GMT - Vertical Research Partners expects 4Q numbers from defense companies to have been robust, helped by improved U.S. outlays and continued export orders. However, the medium-term outlook is cloudy, it says. The defense spending and policy position of the new U.S. administration and what the Department of Government Efficiency's cost-cutting will do remain uncertain. "We think it is currently very hard for defense managements to convincingly forecast the domestic market beyond the next 12 months." There also continues to be execution issues in parts of the shipbuilding industry that are weighing on results. The export market remains the bright spot in defense, and Vertical expects that to again be a positive contributor to 2025 guidance. Vertical remains neutral on defense, with top pick BAE Systems. (alistair.macdonald@wsj.com)
(END) Dow Jones Newswires
January 15, 2025 07:18 ET (12:18 GMT)
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