7 Largest US Defense Contractor Corps March 2018 Quarter Total Pretax Income Up 11% and Total Net Income Up 23% From the March 2017 Quarter ........................................................................................ March 2018 Quarter Effective Income Tax Rate Only 15.4%, 8.2% Lower Than the 23.6% in the March 2017 Quarter

From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations, the US GAAP Net Income (Loss) From Continuing Operations and the related US GAAP Income Tax Expense for the March 2018 and 2017 Quarters for all US Defense Contractor Corps with stock market caps above $10 Bil on April 30, 2018.

									US GAAP	US GAAP	US GAAP	US GAAP
		US GAAP				US GAAP			Effective	Effective	Pretax	Net
	US GAAP	Income	US GAAP		US GAAP	Income	US GAAP		Income	Income	Income	Income
	Pretax	Tax	Net		Pretax	Tax	Net		Tax	Tax	% Change	% Change
	Income	Expense	Income		Income	Expense	Income		Rate	Rate	March Qtr	March Qtr
US Defense Contractor	March Qtr	March Qtr	March Qtr		March Qtr	March Qtr	March Qtr		March Qtr	March Qtr	2018	2018
Market Caps Above $10 Bil	2018	2018	2018		2017	2017	2017		2018	2017	vs 2017	vs 2017
	mils $	mils $	mils $		mils $	mils $	mils $
Lockheed Martin	1,360	203	1,157		1,035	246	789		14.9%	23.8%	31%	47%
General Dynamics	960	161	799		1,010	247	763		16.8%	24.5%	-5%	5%
Northop Grumman	871	132	739		788	138	650		15.2%	17.5%	11%	14%
Raytheon	757	133	624		695	198	497		17.6%	28.5%	9%	26%
L3 Technologies	216	24	192		199	42	157		11.1%	21.1%	9%	22%
Harris Corp	215	12	203		233	69	164		5.6%	29.6%	-8%	24%
Huntington Ingalls Industries	195	39	156		147	28	119		20.0%	19.0%	33%	31%
Total all 7	4,574	704	3,870		4,107	968	3,139		15.4%	23.6%	11%	23%