After much drama, Congress increased the ceiling on defense spending by $165B for 2018 and 2019.
It was a solid 11% y/y increase from 2017 with most of that increase going to DoD procurement which feeds directly into the defense primes. While details on exactly how the 2018 money will be appropriated won't be firm until March 23, the Administration has already released its detailed defense spending plans for 2019 through 2023.
Join us Tuesday, February 20 at 11:00am ET for the first of a series of "Blackbook" calls that will examine the FY 2019 US Defense Budget environment including analysis of the latest Pentagon budget proposal and specific impacts on defense industry.
In this series, LtGen Emerson "Emo" Gardner USMC Ret., Hedgeye Senior Defense Advisor (the man former Secretary of Defense Bob Gates called his "go to guy" on Pentagon spending) will analyze the budget including specific implications for major defense companies including:
- Lockheed Martin (LMT)
- Boeing (BA)
- General Dynamics (GD)
- Huntington Ingalls Industries (HII)
- Northrop Grumman (NOC)
- Raytheon (RTN)
Email email@example.com for info on how to access this research.
General Gardner serves as Senior Defense Policy Advisor at Hedgeye Potomac Research, where he specializes in defense and aerospace markets. He completed 37 years of distinguished service as a Marine officer in 2010, most recently in the Office of Secretary of Defense as Principal Deputy Director for Cost Assessment and Program Evaluation. In this role he led independent evaluations of all major defense programs and was responsible for the development of DoD's $3 Trillion, six year Future Year Defense Plan.
From 2005 to 2007, General Gardner was the Deputy Commandant of the Marine Corps for Programs and Resources where he was directly responsible for the integration and execution of all aspects of the Corps' $33 Billion annual budget.
His operational career highlights included tours as a Presidential Command Pilot in HMX-1, tours in Europe and Japan, and command at the squadron and Marine Expeditionary Unit levels in combat and expeditionary operations.
As a flag officer, he managed military operations in Afghanistan and the Pacific theater. General Gardner is a cum laude graduate of Duke University. As a George Olmsted Scholar he did two years of graduate work in Göttingen, Germany.
He is a graduate of the Norwegian Defense College and the National Security Seminar at the Maxwell School of International Relations.