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News About Ships and Submarines
July 20, 2016
Austal reports $115 million in extra LCS costs
Henderson, Australia (UPI) Jul 5, 2016
Austal has announced a $115 million downward adjustment to revenue and work in progress for Fiscal 2016 due to higher-than-expected U.S. Navy Littoral Combat Ship costs. Austal has encountered scheduling and margin pressure in the LCS program following delivery of the USS Jackson last summer, the company's first as prime contractor, the company said in a LCS program and earnings update statement Monday. "The change of estimate means that too much revenue and profit was attributed to work ... read more

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