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SECNAV Berates Industry To Deliver On Time And Not ‘Goose Your Stock Prices’

Rich Abott By
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SECNAV Berates Industry To Deliver On Time And Not ‘Goose Your Stock Prices’
Secretary of the Navy Carlos Del Toro toured the Mare Island Dry Dock on the historic Mare Island Shipyard in Vallejo, Calif. On October 2 with Rep. John Garamendi. The Secretary is looking to increase shipyard capacity in the Pacific Ocean region. (Photo: U.S. Navy).

SAN DIEGO – The Secretary of the Navy Thursday warned industry that companies would face consequences for prioritizing shorter term profits over delivering capabilities on time. “Overall, many of you are making record profits, as evidenced by your quarterly financial statements. And while I'm very happy for you, you can't be asking the American taxpayer to make even greater public investments while you continue, in some cases, to goose your stock prices through stock buybacks, deferring promised capital investments, and…

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