Airborne Technologies and Williams Aerospace & Manufacturing, AllClear Companies, Partner with Derco, a Lockheed Martin Company on the C-130 Hologram Products Program
Certified Hologram parts are Lockheed Martin-designed and certified C-130 B-H spare parts that are manufactured to detailed Lockheed Martin specifications. Lockheed Martin-designed parts typically include general structural components as well as flight control surfaces, landing gear, and various other components and assemblies.
'We are excited to partner with Derco to continue our growth and increased support of the C-130 Hologram Parts Program,' said Brent Wisch, Sr. Vice President, Global Sales & Business Development at AllClear Aerospace & Defense. 'This partnership reflects our ongoing commitment to delivering certified, mission-ready solutions that enhance aircraft readiness and support our customers around the world.'
About Airborne Technologies
Airborne Technologies was founded in 1972 and is in Camarillo, California. Their over-50,000-square-foot facility provides manufacturing, overhaul, design, engineering, and warehousing capabilities. They have over 14,000-line items available for the C-130 Hercules transport aircraft. Their certifications include Lockheed Martin-Certified Parts Program licensee, Lockheed Martin-approved for spot welding, Boeing ANSI/ASQC Q9002, and AS9100D and ISO 9001:2015 registrations compliance.
About Williams Aerospace & Manufacturing
Williams Aerospace & Manufacturing is an aerospace aftermarket manufacturer of replacement parts for military aircraft. Headquartered in Camarillo, CA, the company has another location in Piedmont, SC. Their products include structural airframe components, canopy enclosures, complex assemblies, soft goods, tube bending, machined parts, and thermoforming parts. They can produce different parts for various platforms, including C-130, F-16, and P-3 series Lockheed Martin aircraft.
About AllClear Aerospace & Defense
AllClear Aerospace & Defense is the military aviation aftermarket industry's leading provider of mission ready solutions. We provide excellence in sustainment for the U.S. militaries and its allies. Headquartered in Miramar, Florida, AllClear's sustainment solutions cover the most utilized military aircraft platforms, supported with distribution agreements from leading OEMs, in-house and managed repair services, engineered products, manufacturing, and logistics solutions.
AllClear represents more than 30 years of defense aerospace sustainment experience and expertise, focused on the bigger mission mindset of keeping militaries mission ready. AllClear locations include Abu Dhabi, UAE; Camarillo, CA; Cambridge, UK; Greenville, SC; Macon, GA; Miramar, FL; Seoul, S. Korea; South San Francisco, CA; and Tokyo, Japan. To learn more visit GoAllClear.com.
About Derco, A Lockheed Martin Company
Derco, A Lockheed Martin Company is a trusted provider of aircraft spares, logistics, and technical solutions, serving customers worldwide since 1979. With strong relationships with top OEMs, we maintain a vast and diverse inventory of aircraft spares. As a full-service logistics solutions provider, we support military and commercial fleets in 65 countries, delivering integrated solutions that drive efficiency and reliability.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at lockheedmartin.com.
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Yahoo
4 hours ago
- Yahoo
RTX Thrives Amid Heightened Israeli Defense Measures
Amid the eruption of the Israel-Iran conflict, defense stocks have logically rallied. RTX Corporation (NYSE:RTX) is one of the strongest stocks available to trade on the public market. The Iron Dome is directly co-developed and co-produced by RTX with Israel's Rafael Advanced Defense Systems. RTX also works on David's Sling interceptor missiles and the Patriot Missile systems, which are supplied by RTX to Gulf allies threatened by Iran and its proxies. RTX also benefits from consistent U.S. funding and political support, like $500 million annually for missile defense via the U.S.-Israel Memorandum of Understanding. Given the current geopolitical condition, RTX stock is well-positioned for substantial near-term upside. However, if diplomacy prevails and the hot conflicts in Iran and Ukraine ease in the medium term, RTX is unlikely to be a high-alpha holding. Warning! GuruFocus has detected 9 Warning Signs with RTX. As U.S. strategic support through annual military aid significantly underpins RTX's missile-defense revenues, and there is strong U.S.-Israel cooperation, RTX shareholders are inevitably well-positioned for financial growth amid the current Israel-Iran conflict. In addition, ongoing bipartisan support in Congress for Israel's missile defense systems further solidifies RTX's long-term revenue visibility. However, China's diplomatic engagements, such as brokering a Saudi-Iran detente, might limit extreme arms procurement, potentially capping RTX's medium-term growth prospects. In my opinion, China's approach thus far to the Iran-Israel conflict has been rational. Even though it did not support the Israeli interests of Iranian nuclear disarmament (which is unfortunate), it hasn't encouraged escalation of the current hot conflict (which is positive). Trump has also vetoed the Israeli assassination of Iran's supreme leader, which does open the door for de-escalation if both parties (particularly Iran) agree to stop conflict and Iran accepts U.S.-Israeli-led limitations on international nuclear proliferation. RTX's missile-defense segment (which is directly involved with supporting Israel) strongly contributes to the company's nearly $100 billion defense backlog and ensures multi-year revenue stability. RTX's operating profit margins are also solidly maintained at about 10% or more due to large-scale production of interceptors (Tamir, GEM-T missiles, Stunner interceptors) lowering per-unit costs, U.S. government co-funding reducing R&D (research and development) costs and improving overall profitability, and recurring maintenance and support contracts that are typically higher-margin than initial production contracts due to lower incremental costs. Understandably, some investors don't want to be exposed to defense stocks, which creates some drag on returns from sentiment, but increasingly companies like RTX are viewed as necessary components of international security in light of hostile adversaries to the U.S.-led world order. Iran's nuclear ambitions are an unequivocal threat to Israel. Iran possesses one of the largest missile forces in the Middle East, including Shahab and Sejjil medium-range ballistic missiles capable of reaching Israel, and a growing arsenal of cruise missiles. It has also transferred shorter-range missiles and guided rockets to proxies like Hezbollah in Lebanon and militias in Gaza, Syria, and Yemen. For RTX, which is involved in many layers of Israeli defense against such threats, the implication is recurring upgrade contracts and new R&D projects to counter improved Iranian missiles. However, it's worth reiterating that these are likely short-term exacerbated tailwinds, despite a relatively robust long-term growth horizon related to general defense. Once Iran is less of a threat (either through diplomatic resolution or regime collapse), structural growth for RTX will moderate, reinforcing the stock as a macro hedge and low-growth asset rather than an alpha-rich position. With mid-single-digit annual revenue growth over the next five years, steady improvement in operating margins, and using RTX's WACC (weighted average cost of capital) of 6.6% for the discount rate and a terminal growth rate of 2%, the stock appears overvalued. However, this discounted earnings approach does underestimate the importance of market sentiment. RTX can very easily deliver normalized earnings per share ("EPS") of $6.50 in the middle of calendar 2026 in a base case. The company's trailing 12-month ("TTM") P/E non-GAAP ratio is currently about 25, which is up from 20 as a five-year average. This also shows overvaluation, but it is a less pronounced overvaluation than is indicated by the discounted earnings approach. Normalized EPS may only grow at 4% in Fiscal 2025 (in line with consensus estimates) but is on track to rise to 10%+ in Fiscal 2026 due to efficiency gains. In light of this, a higher P/E non-GAAP ratio compared to historical averages is valid. Based on these factors, I am inclined to view RTX stock as only moderately overvalued right now. Based on my valuation analysis, RTX stock will trade at $6.50 in EPS multiplied by about 24 as the P/E ratio. That leads to a 12-month price target of about $155 for RTX. The current stock price is $145, so the implied upside is about 7% in the next year. This is under what I expect from major indices like the S&P 500. As a result, I'm only moderately bullish on RTX right now. I don't consider it an elite investment, but it does work as a macro hedge and secures portfolios with stable long-term returns in light of current geopolitical pressures. The bull case for RTX hinges on a serious escalation in the Israel-Iran conflict or related regional wars. Israel and the U.S. could accelerate missile-defense projects and stockpile interceptors; for instance, Iron Dome interceptor orders could double in a wartime year. In this high-demand scenario, RTX's defense revenues could grow by 2-3% faster annually, with margins increasing by 1% more than in the base case. Under these effects, RTX's stock price could climb as high as $175 in 12 months. Consider that a protracted Israel-Iran skirmish might lead Congress to fund an additional $1-2 billion for missile defense aid, with a significant amount of those funds flowing largely to RTX programs. In a scenario where diplomacy prevailswith Iran's nuclear issue resolving peacefully from here on out, Saudi and Iran maintaining cordial ties, and Israel facing reduced proxy threatsMiddle East defense demand could slow. Ongoing support contracts may continue but few new systems would be acquired. Margins could be slightly pressured if production runs are shorter or if R&D spending on new interceptors is curbed by budget cuts. Under such circumstances, it's conceivable that RTX stock drops to around $140 in 12 months. However, RTX's downside is buffered by its record backlog, which carries it for several years. The de-escalation scenario likely means slower upside rather than a severe contraction for RTX. However, most market participants are hoping for de-escalation for greater macro stability to support broad economic health, allowing sustainable growth for all stocks, RTX included. As we're entering a new age driven by AI and automation, there is a substantial chance for RTX to fall behind amid technological disruption. However, RTX is being proactive with its integration and investment in AI, so this is more of a long-term structural concern and doesn't affect the near-term return thesis. This long-term disruption risk is not only acutely related to AI advancements but also due to significant domestic competition from Lockheed Martin (NYSE:LMT), Northrop Grumman (NYSE:NOC), and international competition. If China shifts toward more cooperative and democratic political principles, its companies could also pose significant defense alternatives to Western allies. However, such integration is currently not on the table and requires deep structural and political reform within China for its defense services to be accepted by democratic economies. As examples of the growing AI competition, consider how RTX is vying with Lockheed and Northrop on a hypersonic missile interceptor program where algorithmic targeting speed will be key. If RTX captures less of the DoD's (Department of Defense) around $1.8 billion annual AI funding pool, its defense revenue growth could dip by a percentage point or more. Over a 5-10 year horizon, AI could significantly reshape defense market share. The military AI market is projected to quadruple by 2028 to $39 billion at about a 33% CAGR (compound annual growth rate). The bear-case scenario where RTX lags in automation technology and new AI-centric startups begin taking market share aggressively would weigh substantially on RTX's shareholder returns. At this time, I think it's important to treat RTX stock cautiously despite short-term momentum factors; AI disruption and medium-term geopolitical stabilization could moderate growth substantially. Lots of gurus have recently been reducing their RTX stakes, including Jeremy Grantham (Trades, Portfolio), who reduced by nearly 12% as of 2025-03-31, and Robert Olstein (Trades, Portfolio), who reduced by nearly 37% as of the same date. For the same period, Renaissance Technologies (Trades, Portfolio) increased its position by nearly 79%. Renaissance has one of the best track records in investing historyits Medallion Fund generated 39% net annualized returns after fees (66% annual gross return) from 1988 to 2018, which is among the highest sustained returns ever recorded in finance. The fact that Renaissance is buying RTX tells you something counter to my independent outlook; this is currently an elite investment in specific high-alpha portfolio strategies. RTX is also held by legendary value investor Joel Greenblatt (Trades, Portfolio) of Gotham Asset Management, with about 87,000 shares. In my opinion, while the valuation is slightly high right now, the near-term structural growth related to geopolitical tensions creates sentiment tailwinds that are difficult to ignore, which is why many gurus are keen on the stock, in my opinion. To the contrary, insiders have not been buying the stock right now. Over three years, 598,000 shares have been sold by insiders, with only 300 bought. This shows that management is reaping rewards from the business rather than doubling down on equity growth for now. That's understandable if many of the team have been with the company for decades and are looking to cash in now that the stock is sustainably trading at all-time highs. However, RTX's story doesn't end here, so the general market is certainly valid in buying RTX stock as Western defense practices become increasingly important amid a revitalized global alliance protecting from current geopolitical threats. In total, the unfortunate IsraelIran conflict provides short-term tailwinds for RTX stock, but once geopolitical tensions ease sustainably (which I deem inevitable, and is already indicated), I expect substantial moderation in returns. Even amid the current geopolitical climate, I anticipate only about a 7% price return for the stock over the next 12 months. Once there is less defense demand, we're looking at 5% annual price returns or lower per year. Therefore, I think it's important for investors to have tempered expectations with this stock. It's more of a hedge than an alpha engine, which is why I do not own it. Despite my independent outlook, many market-leading investors own the stock, leading to the logical conclusion that there is resilient and potentially under-appreciated upside to come, largely from momentum related to current geopolitical conditions. This article first appeared on GuruFocus. 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Business Insider
6 hours ago
- Business Insider
NATO is pouring new spending into much-needed air defenses. Money alone won't fix the West's problems.
NATO plans to invest money from soaring alliance defense spending into a fivefold increase in air defenses, but revitalizing capabilities ignored since the end of the Cold War is easier said than done. NATO sorely needs air defenses. Secretary General Mark Rutte said Europe does "not have enough," outlining "clear gaps" in command and control, long-range weapons, and sensor systems, all while Russia's military growth is "really threatening." The way Russia is fighting in Ukraine and the reconstitution of its military have led to greater urgency in NATO. Defense experts say higher spending is warranted, especially on ground-based air defenses, but the alliance can't expect a quick fix from money alone. The West needs air defenses and big missile stocks Russia's invasion, specifically its relentless attacks on Ukrainian cities, shows air defenses are needed in a major conflict. For the West, worried about Russia and China, it's a wake-up call. The West scaled back air defenses in recent decades as it battled weaker adversaries that posed no major air threat. However, Russia's bombardments, sometimes using hundreds of missiles and drones, show the West must be ready for the same. It's not yet. "NATO faces a significant shortfall in ground-based air defense systems," both with the number of systems and ammunition supplies for them, Justin Bronk, an airpower expert at the Royal United Services Institute, said. NATO is acting, but investments don't mean weaponry can actually be made quickly. Bronk said fixing the issue "is much more a question of building production capacity at every stage in the supply chain as rapidly as possible as part of a crisis response rather than just spending more money." "Currently, there just isn't enough production capacity in the world of Patriot interceptors, SAMP/T interceptors," he said, referring to surface-to-air missiles for eliminating air threats. Struggling with production woes not easily fixed Following the Cold War, the West's defense manufacturing and industrial prowess atrophied. Companies consolidated, specialized production lines closed, workforces shrank, and inventories decreased — all crippling the ability to surge weapons. Work is underway to boost production. For instance, Lockheed Martin expanded PAC-3 interceptor production for the Patriot system to 500 missiles in 2024, then a new production high, with plans to grow production further. Boeing upped seeker production, and Raytheon is boosting PAC-2 interceptor output, though it grapples with massive backlogs. Rheinmetall and Lockheed Martin plan to establish a European missile production hub, including the PAC-3 used by Patriots. Rheinmetall CEO Armin Papperger told German newspaper Hartpunkt that Europe has struggled getting missiles from the US because of production shortfalls there. He said the wait could sometimes be 10 years, describing that as far too long. It won't start full missile production until 2027, and Papperger said he expects its engine producing capacity will be quickly used up. For the Patriots, demand pretty consistently outpaces supply. And clearing backlogs isn't quick. European defense company MBDA, which makes ASTER air defense missiles and other products, saw orders double since Russia's invasion. In April, Fortune reported that its backlog was projected to take up to seven years at current capacity. The Financial Times reported the company's plans to double the number of hours worked and hire more, but CEO Éric Béranger also wants more action. He called this a "moment of truth" for Europe and said: "We need to be much more industrial." Decreased production capacity has been "a tremendous problem in the United States," said Mark Cancian, a senior advisor at the Center for Strategic and International Studies. "You can sign all the contracts you want, but the production capability is lacking." It takes time to make top-of-the-line interceptors Even if more companies boost production, manufacturing sophisticated weaponry simply is not quick. Thomas Laliberty, Raytheon's president of land and air defense systems, told Politico last year that it takes 12 months to build a Patriot radar, just one part of an operational battery. Sophistication is a key issue. Bronk said missiles designed to attack are easier to build: "It's much, much cheaper to build offensive missiles than it is to build defensive interceptor coverage." The price reflects that sophistication: Naval interceptors, like the SM-series, can cost up to almost $30 million a missile. Defense systems are "some of the most sophisticated bits of hardware that militaries have, and producing them takes time with pretty skilled labor," former Australian Army Maj. Gen. Mick Ryan, a warfare strategist, explained. Increasing production enough "will be a challenge," he said. There are steps forward, but challenges remain The alliance is taking steps in the right direction. Retired Air Commodore Andrew Curtis, an airfare expert with a 35-year career in the Royal Air Force, said countries speaking confidently gives the industry the reassurance it wants to invest. "Governments are now talking the right language," he said. The industry saw investing in production facilities during the Cold War as "a sound business," as demand was there. But that changed. He said the industry would not invest long-term in expensive facilities that require skilled workers "with no guaranteed orders at the end of it." Increased cooperation is also needed. NATO has cultural problems, with countries working separately. Jan Kallberg, a security expert at the Center for European Policy Analysis, said "the major challenge in NATO is not money, it's coordination." Multiple companies working on similar systems means doubling up on some expenses, and makes scaling up harder, Kallberg said. Fixing that "would free up a tremendous lot of resources." Military officials want greater collaboration. A US general last month urged defense firms to coordinate more and "stop selling us pieces of the puzzle." Progress is happening: More companies and countries are working together. The Nordic countries are integrating their air defenses to act as one, and with joint air defense planning. Changes are taking place at the top level. The European Commission is proposing new measures to cut red tape, encourage joint purchases, and facilitate billions of investments. But challenges remain. Kallberg warned: "Culture takes far more time to change than just buying hardware."
New York Times
7 hours ago
- New York Times
Europe's Dilemma: Build a Military Industry or Keep Relying on the U.S.
European countries have committed to spending nearly double on military investments over the next decade, with high hopes that it will benefit their defense industries. But it is not clear that all that money — perhaps as much as 14 trillion euros, or $16 trillion — will fuel a flurry of high-end innovation in Europe. That is because of what one might call the F-35 problem. Europe lacks quality alternatives to some of the most needed and desired defense equipment that American companies produce. Among them is the F-35, Lockheed Martin's famed stealth fighter jet, whose advanced abilities are unmatched by European counterparts. Patriot missile-defense systems are also imported from America, as are rocket launchers, sophisticated drones, long-range artillery guided by satellite, integrated command and control systems, electronic and cyber warfare capabilities — along with most of the software required to run them. And because many European nations have already invested in American weapons, they want new purchases to remain compatible. The pledged investments have created a tension. Should European nations build their own military industry? Does the war in Ukraine and the threat of a militarized Russia allow that much lead-time? Or should they continue to invest, at least in part, in America's already available, cutting-edge technology? Want all of The Times? Subscribe.
