Rapid Fire Jan. 25, 2013: US Navy Adjusts to Budget Outlook

• Adm. Jonathan Greenert, The US Navy’s Chief of Naval Operations, is freezing civilian hiring – like the Air Force earlier announced – and cancelling a lot of maintenance work that was scheduled between April and September (i.e. the end of the current federal fiscal year). These cuts are meant to be reversible if an appropriations bill comes to pass and sequestration is further pushed back or somehow watered down. San Diego Union-Tribune | Virginian-Pilot.

• The US Senate’s Armed Services Committee will investigate the Expeditionary Combat Support System’s failed software system that the Air Force had ordered from Computer Sciences, but eventually cancelled after spending about $1B.

• Raytheon’s sales for 2012 were down by 1.5% to $24.4B. However, thanks to a 1.09 book-to-bill ratio, their backlog grew by 2.4% to $36.2B, 66% of which is funded. Network Centric Systems is the division which lost most revenue in relative terms, with a 10% Y/Y decrease.