Local Business Alert

Major contractors report little damage from sequestration

Defense contractors warned the automatic spending cuts known as sequestration would cause layoffs and facility closures, but nearly two months in, the biggest companies are reporting only a slight drop in sales.

Falls Church-based contracting giant General Dynamics saw its profit hit $571 million in the first quarter of the year, up 1.2 percent from the same period last year. Revenue dropped 2.3 percent to $7.4 billion.

At neighboring contractor Northrop Grumman, profit and sales were essentially flat. The company reported profit of $489 million, down just over 3 percent from the same period a year ago. Sales hit $6.1 billion, down slightly from the first three months of 2012.

Read more at:
http://www.washingtonpost.com/business/on-it/major-contractors-report-little-damage-from-sequestration/2013/04/24/4854df00-ace3-11e2-a8b9-2a63d75b5459_story.html

For news on doing business in, around and with the Capital region, visit The Washington Post's Local Business section or Capital Business.