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Terracon opens Richmond office

The Greater Partnership announced Wednesday that Kansas-based and scientific firm has opened an in Richmond that is expected to create 25 within the next year.

The office location at 3711 Saunders Ave. is meant to provide the company with access to key industrial and manufacturing clients in the area.

“This new location allows us to expand our reach, provide localized services and connect with clients more effectively,” said Jay Wheeler, office manager and principal, in a statement. “As a company dedicated to innovation and sustainability, we are excited to deepen our impact here in Richmond through collaboration with local businesses and organizations.”

Wheeler noted Terracon already has offices in Washington, D.C., Virginia Beach and , and considered Richmond “a clear next step in serving our clients across the state with more accessibility and localized resources.”

Some of the new jobs tied to the office include field technicians and positions related to engineering, project management and administrative support opportunities. According to a news release, Terracon also has plans to partner with local schools and colleges to offer internship programs and mentorship opportunities, supporting STEM education and career pathways in the area through the company’s foundation arm.

The GRP helped Richmond’s department of economic development with attracting the company to the area. According to and CEO Jennifer Wakefield, the partnership first pitched a local Terracon office in early 2024 during a conference.

“I’m thrilled to welcome Terracon to Richmond as a member of our diverse, thriving business community,” Richmond said in a statement. “Attracting new businesses and supporting those already here is central to our vision of building a strong, resilient city with opportunity for all.”

Headquartered in Olathe, Kansas, Terracon was founded in 1965 and has more than 180 offices nationwide and over 7,000 employees.

Trump science cuts roil university labs, targeting bird feeder research, AI literacy work and more

Ashley Dayer’s dream of winning a National Science Foundation grant to pursue discoveries in bird conservation started when she was an early-career professor with an infant in her arms and a shoestring laboratory budget.

Competition is intense for NSF grants, a key source of funding for science at U.S. . It took three failed applications and years of preliminary research before the agency awarded her one.

Then came a Monday email informing Dayer that ‘s administration was cutting off funding, apparently because the project investigating the role of bird feeders touched on themes of diversity, equity and inclusion.

“I was shocked and saddened,” said Dayer, a professor at Virginia Tech’s department of fish and wildlife conservation. “We were just at the peak of being able to get our findings together and do all of our analysis. There’s a lot of feelings of grief.”

Hundreds of other university researchers had their National Science Foundation funding abruptly canceled Friday to comply with Trump’s directives to end support of research on diversity, equity and inclusion, as well as the study of . It’s the latest front in Trump’s anti-DEI campaign that has also gone after university administrations, medical research and the private sector.

More than 380 grant projects have been cut so far, including work to combat internet censorship in China and Iran and a project with Indigenous communities to understand environmental changes in Alaska’s Arctic region. One computer scientist was studying how tools could mitigate bias in medical information, and others were trying to help people detect -generated deepfakes. A number of terminated grants sought to broaden the diversity of people studying science, technology and .

NSF, founded in 1950, has a $9 billion budget that can be a lifeline for resource-strapped professors and the younger researchers they recruit to their teams. It has shifted priorities over time but it is highly unusual to terminate so many midstream grants.

Some scientists saw the cuts coming, after Republican U.S. Sen. Ted Cruz last year flagged thousands of NSF-funded projects he says reflected a “woke ” or Marxist agenda, including some but not all of the projects cut Friday.

Still, Dayer said she was “incredibly surprised” that her bird project was axed. A collaboration with other institutions, including the Cornell Lab of Ornithology, it tapped into Project Feedwatch, a website and app for sharing bird observations.

Dayer’s team had collected data from more 20,000 Americans on their birdwatching habits, fielding insights on how outdoor feeders were affecting wildlife, but also people’s mental well-being.

The only mention of the word “diversity” in the grant is about bird populations, not people. But the project explicitly sought to engage more disabled people and people of color. That fit with NSF’s longtime requirement that funded projects must have a broad impact.

“We thought, if anything, maybe we’d be told not to do that broader impacts work and to remove that from our project,” Dayer said. “We had no expectation that the entire grant would be unfunded.”

NSF and DOGE say they were “wasteful DEI grants”

On the day the grants were terminated, Sethuraman Panchanathan, the NSF’s director since 2020, said on the agency’s website that it still supported “research on broadening participation” but those efforts “should not preference some groups at the expense of others, or directly/indirectly exclude individuals or groups.”

The NSF declined to share the total number of canceled grants, but Trump’s Department of Government Efficiency, run by billionaire Elon Musk, posted on X that NSF had canceled “402 wasteful DEI grants” amounting to $233 million. It didn’t say how much of that had already been spent. Grants typically last for several years.

Caren Cooper, a North Carolina State University professor of forestry and natural resources, said she expected her work would be targeted after it made Cruz’s list. Her grant project also sought to include people of color and people with disabilities in participatory science projects, in collaboration with the Audubon Society and with the aim of engaging those who have historically been excluded from natural spaces and birdwatching groups.

One doctoral student had left her job and moved her family to North Carolina to work with Cooper on a stipend the grant helped to fund.

“We’ve been trying to make contingency plans,” Cooper said. “Nonetheless, it’s an illegal thing. It’s violating the terms and conditions of the award. And it really harms our students.”

Cutting misinformation work

Along with eliminating DEI research, NSF said it will no longer “support research with the goal of combating ‘misinformation,’ ‘disinformation,’ and ‘malinformation’ that could be used to infringe on the constitutionally protected speech rights of American citizens across the United States in a manner that advances a preferred narrative about significant matters of public debate.”

Several researchers said they weren’t sure why their funding was terminated, other than that their abstracts included terms like “censorship” or “misinformation.”

“The lack of transparency around this process is deeply concerning,” said Eric Wustrow, an engineering professor at the University of Colorado Boulder whose grant aims to study and combat internet censorship in countries like China and Iran. “Did they just Ctrl+f for certain words, ignoring context?”

NSF said on its website that “there is not a list of words” to avoid, but that misinformation research is no longer aligned with NSF’s priorities.

Wustrow said his research supports free speech and access to information around the world, and he plans to appeal the decision to terminate the funding. Meanwhile, he’s looking at potentially working for free this summer without a grant to fund his salary.

Even for those who did intend to address misinformation, the cuts seemed to miss the point.

Casey Fiesler, of the University of Colorado Boulder, had a project focused on dispelling AI misconceptions and improving AI literacy — also a priority of Trump’s education department. Cornell University’s Drew Margolin said his work set out to help people find ways to combat social media harassment, hate speech and misinformation without the help of content moderators or government regulators.

“The irony is it’s like a free speech way of addressing speech,” Margolin said.

Are more cuts coming?

The NSF declined to say if more cuts are coming. The terminated funding mirrors earlier cuts to medical research funding from the National Institutes of Health.

A group of scientists and health groups sued the NIH earlier this month, arguing that those cuts were illegal and threatened medical cures.

The cuts at NSF so far are a tiny portion of all of the agency’s grants, amounting to 387 projects, said Scott Delaney, a research scientist at Harvard University’s school of public health who is helping to track the cuts to help researchers advocate for themselves. Some received termination letters even though their projects had already ended.

“It is very chaotic, which is very consistent with what is happening at NIH,” Delaney said. “And it’s really unclear if this is everything that’s going to get terminated or if it’s just the opening salvo.”

Dayer is still figuring out what to do about the loss of funding for the bird feeder project, which cuts off part of summer funding for four professors at three universities and their respective student teams. She’s particularly worried about what it means for the next generation of American scientists, including those still deciding their career path.

“It’s just this outright attack on science right now,” Dayer said. “It’s going to have lasting impacts for American people and for science and knowledge in our country. I’m also just afraid that people aren’t going to go into the field of science.”

Most Americans expect higher prices as a result of Trump’s tariffs, a new AP-NORC poll finds

WASHINGTON (AP) — Americans’ trust in Donald Trump to bolster the U.S. appears to be faltering, with a new poll showing that many people fear the country is being steered into a recession and that the president’s broad and haphazardly enforced tariffs will cause to rise.

Roughly half of U.S. adults say that Trump’s trade policies will increase prices “a lot” and another 3 in 10 think prices could go up “somewhat,” according to the by The Associated Press-NORC Center for Public Affairs Research.

About half of Americans are “extremely” or “very” concerned about the possibility of the going into a recession in the next few months.

While skepticism about tariffs is increasing modestly, that doesn’t mean the public is automatically rejecting Trump or his approach to trade. However, the wariness could cause problems for a president who promised voters he could quickly fix inflation.

Trump shows vulnerability on the economy

Three months into his second term, Trump’s handling of the economy and tariffs is showing up as a potential weakness. About 4 in 10 Americans approve of the way the Republican president is handling the economy and trade negotiations. That’s roughly in line with an AP-NORC poll conducted in March.

Matthew Wood, 41, said he’s waiting to see how the tariffs play out, but he’s feeling anxious.

“I’m not a huge fan of it, especially considering China and going back and forth with adjustments on both ends,” said Wood, who lives in West Liberty, Kentucky, and is unemployed. “Personally, it hasn’t affected me as of yet. But, generally, I don’t know how this is going to come to an end, especially with the big countries involved.”

Still, Wood said he changed his registration from Republican to independent, having been turned off by Trump’s attitude and deference to billionaire adviser Elon Musk. Wood voted for Trump last year and said he’s willing to give the president until the end of the year to deliver positive results on tariffs.

About half of U.S. adults, 52%, are against imposing tariffs on all goods brought into the U.S. from other countries. That’s up slightly from January, when a poll found that 46% were against tariffs. Driving that small shift largely appears to be adults under age 30 who didn’t previously have an opinion on tariffs.

Trump supporter Janice Manis, 63, said her only criticism of Trump on tariffs is that he put in a partial 90-day pause for trade negotiations with other countries.

“Actually, I think he shouldn’t have suspended it,” said Manis, a retired sheriff’s deputy from Del Rio, Texas. “Because now China is trying to manipulate all of these other countries to go against us, whereas if he would have left all the tariffs in play then these countries would be hit hard. But, oh, well, things happen.”

Skepticism remains about Trump’s tariff approach

Not quite 100 days into Trump’s second term in the White House, people around the country are bracing for possible disruptions in how they spend, work and live. The U.S. economy remains solid for the moment with moderating and a healthy 4.2% unemployment rate, yet measures such as have dropped sharply.

Trump has used executive actions to remold the global economy. He’s imposed hundreds of billions of dollars a year in new import taxes — albeit partially suspending some of them — launching a full-scale against China and pledging to wrap up deals with dozen of other countries that are temporarily facing tariffs of 10%. Financial markets are swinging with every twist and turn from Trump’s tariff pronouncements.

Many Americans are not convinced this is the right approach. About 6 in 10 say Trump has “gone too far” when it comes to imposing new tariffs, according to the poll.

Stocks are down this year, while interest charges on U.S. government bonds have climbed in ways that could make it more costly to repay mortgages, auto loans and student debt. CEOs are scrapping their earnings guidance for investors and seeking exemptions from Trump’s tariffs, which hit allies such as Canada and even penguin-inhabited islands.

Trump seemed to recognize the drag from tariffs as he highlighted this week the possibility of a deal with China. Treasury Secretary Scott Bessent had also said in a closed-door speech that the situation with China is not “sustainable.”

Widespread concern about rising grocery prices

About 6 in 10 U.S. adults are “extremely” or “very” concerned about the cost of groceries in the next few months, while about half are highly concerned about the cost of big purchases, such as a car, cellphone or appliance. Less than half are highly concerned about their ability to the goods they want — a sign of the economy’s resilience so far.

Retirement savings are a source of anxiety — about 4 in 10 Americans say their retirement savings are a “major source” of stress in their lives. But fewer — only about 2 in 10 — identify the as a major source of anxiety.

“This whole tariff war is just a losing situation not only for the American people but everybody worldwide,” said Nicole Jones, 32. “It’s revenge — and everybody’s losing on it.”

The Englewood, Florida, resident voted last year for then-Vice President Kamala Harris, who replaced the incumbent president, Joe Biden, as the Democratic nominee. Jones hadn’t given much thought to tariffs until recently, and now, as an occupational therapy student, she also worries about losing her financial aid and facing high amounts of educational debt.

“Things are more expensive for us,” she said.

And most Americans still think the national economy is in a weak state.

The difference is that Republicans — who largely thought the economy was in bad shape when Biden was president — now feel more optimistic. But Democrats have become much more bleak about the country’s financial future.

“It wasn’t all sunshine and rainbows, but we were doing fine,” Jones, a Democratic voter, said about the economy before Trump’s policies went into effect.

___

The AP-NORC poll of 1,260 adults was conducted April 17-21, using a sample drawn from NORC’s probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. The margin of sampling error for adults overall is plus or minus 3.9 percentage points.

Estes family donates $15M for William & Mary accounting center

SUMMARY:

  • Estes family donates $15M to to launch center
  • Gift supports W&M’s 2026 Strategic Plan Career Initiative
  • Center will expand faculty and student interest in accounting
  • , W&M alum and Estes Express CEO, credits W&M for success

The family that owns Richmond giant has made a $15 million to to set up the Estes Center for Excellence in Accounting, the Williamsburg university announced Thursday.

Rob W. Estes and , who graduated from W&M in 1974 and 1975 respectively, and their family made the gift as part of the university’s 2026 Strategic Plan’s Career Initiative, which aims to prepare students for the workforce, according to the announcement. The family has made other donations in the past, and the couple have both served on the university’s foundation board.

“We want to bring accounting out of the back room and into the boardroom,” said Rob Estes, a W&M Board of Visitors member. “The accountant should be guiding the conversation.”

Rob Estes’ grandfather founded the Estes trucking business, which is one of the nation’s largest privately owned carriers, and he serves as its chairman and CEO. According to the announcement, he learned the principles of accounting at W&M, and that education has influenced his leadership to this day.

Jean Estes, who became a teacher after majoring in elementary education at W&M, said the point of their gift is to spark more student interest in accounting. “We want them to experience the excitement that Rob did when he first saw how his accounting studies could be put to work in a business situation,” she said in a statement.

The Estes Center will be part of W&M’s Mason School of Business, and the funding will be used to hire more faculty and attract more students to the field of accounting.

“Rob and Jean live out the Mason School value of principled achievement. Their giving has touched every part of our campus,” W&M Katherine Rowe said in a statement. “We are grateful for their latest gift to raise William & Mary’s global profile. Their message to aspiring leaders is clear: If you aim to sow prosperity in your organizations and communities, then William & Mary is the place for you.”

Rob Estes served on the business school’s foundation board for 16 years, and Estes Express Lines hosts a group of master’s students and faculty in business analytics each year for hands-on courses. Jean Estes serves on the alumni association board, and the Esteses’ son Webb, a 2006 graduate and the company’s president and chief operating officer, has also taken part in fundraising initiatives for W&M.

Previously, the Estes family has donated to W&M’s athletics programs and the Muscarelle Museum of Art, as well as the Estes Challenge, a fundraising matching campaign through the business school.

Richmond warehouse complex with Amazon fulfillment center sells for $97.5M

The greater region seems to have caught the eye of Dallas-based .

An entity sharing an address with the Texas company purchased 4701 and 4949 Commerce Road in Richmond for $97.5 million on April 9, according to city property records. A different entity sharing the Stream Realty Partners address, records show, purchased roughly 135 acres at 15601 Route 1 in Chesterfield for $3 million on March 28.

In 2017, Panattoni Development Co., a commercial real estate developer headquartered in California, began work developing the Richmond campus, which offered 1 million square feet of space on Richmond’s Commerce Road near Richmond Marine Terminal. and , a New Jersey provider of home and equipment, began leasing spaces at the campus a couple of years later.

An Amazon spokesperson said Wednesday the company has no plans to vacate the 460,000-plus-square-foot fulfillment and delivery center.

The City of Richmond recently assessed the combined properties at about $87.25 million.

In October, the Chesterfield Board of Supervisors approved the $1.2 million of about 52.8 acres at 15601 Route 1 in Chesterfield from Stream Realty to move the county’s Appomattox police precinct from leased space to a county-owned facility.

Stream Realty and Brother International did not immediately respond to a request for comment Wednesday.

Wall Street rises and markets rally worldwide as Trump softens his tough talk on tariffs and the Fed

 

SUMMARY: 

  • climbs 1.7% as global stock hits Wall Street
  • Trump backs off Fed criticism, hints at lower China
  • Big Tech and -related stocks lead the day’s market gains
  • dip as investor fears ease on economic policy

 

NEW YORK (AP) — U.S. stocks rose Wednesday as a worldwide rally came back around to Wall Street after appeared to back off his criticism of the and his tough talk in his .

The S&P 500 climbed 1.7% and added to its big gain from Tuesday that more than made up for a steep loss on Monday. The Dow Jones Industrial Average rose 419 points, or 1.1%, and the Nasdaq composite gained 2.5%.

Wall Street’s gains followed strong moves higher for stocks across much of Europe and Asia. They also continued a dizzying, up-and-down run for financial markets as investors struggle with how to react to so much uncertainty about what Trump will do with his economic policies.

The market’s latest move was up in part because Trump said late Tuesday that he has “no intention” to fire the head of the Federal Reserve. Trump had been angry with Jerome Powell, whom Trump had called “a major loser,” because of the Fed’s hesitance to cut interest rates.

Trump’s tough talk had frightened investors because the Fed is supposed to act independently, without pressure from politicians, so that it can make decisions that may be painful in the short term but are best for the long term.

While a cut to interest rates by the Fed could give the a boost, it could also put upward pressure on . Economists say Trump’s tariffs are likely both to slow the economy and to raise inflation, at least briefly.

Trump may have recognized the market’s fear about a move against Powell. He may also be looking to keep someone around whom Trump could blame later if the economy does fall into a recession, according to Thierry Wizman, a strategist at Macquarie.

“Indeed, if the Fed cuts its policy interest rates aggressively, Trump would have little excuse for a recession apart from the pugnacity of his tariff policies,” Wizman said.

Markets also rose after Trump said late Tuesday that U.S. tariffs on imports coming from China could come down “substantially” from the current 145%. “It won’t be that high, not going to be that high,” Trump said.

The hope along Wall Street has been that Trump would lower his tariffs after negotiating trade deals with other countries, and Trump said Tuesday he would be “very nice” to the world’s second-largest economy and not play hardball with Chinese President Xi Jinping.

“There is an opportunity for a big deal here,” U.S. Treasury Secretary Scott Bessent said Wednesday.

If Trump brings his tariffs down enough, investors believe a recession could be averted.

U.S. businesses say they’re already feeling the effects of the trade war. A preliminary reading of U.S. business activity fell to a 16-month low, as the threat of tariffs helped push up prices charged for goods and services, according to S&P Global’s latest survey released Wednesday.

All the uncertainty means one of the few predictions many along Wall Street are willing to make is that sharp swings for financial markets will continue for a while. The market will “more likely than not continue to be dictated by Trump’s latest whims regarding tariffs and trade,” said Tim Waterer, chief market analyst at KCM Trade.

The S&P 500 remains 12.5% below its record set earlier this year after briefly dropping roughly 20% below the mark. Its swings have been coming not just day to day but also hour to hour as Trump and his administration’s officials continue to surprise markets. On Wednesday alone, the S&P 500 charged to a 3.4% gain in the morning, only to more than halve that rise as the day progressed.

Trump’s latest comments had a relaxing effect on the bond market, where Treasury yields eased. It’s a turnaround from earlier this month, when spiking Treasury yields raised fears that Trump’s actions were scaring investors away from the United States and weakening the U.S. bond market’s reputation as one of the safest places to keep cash.

The yield on the 10-year Treasury fell to 4.38% from 4.41% late Tuesday. It dropped as low as 4.26% earlier in the morning.

On Wall Street, Big Tech helped lead stock indexes higher.

Nvidia rose 3.9% to claw back more of the sharp losses it took last week, when it said U.S. restrictions on exports of its H20 chips to China could hurt its first-quarter results by $5.5 billion. The chip company’s stock was the strongest single force lifting the S&P 500.

Other stocks in the artificial-intelligence technology ecosystem also drove higher. Vertiv Holdings, which traces its roots to the industry’s first manufacturer of computer room air conditioning, jumped 8.5% after reporting stronger profit and revenue for the latest quarter than analysts expected. It said it’s continuing to see accelerated demand from AI data centers.

Super Micro Computer, a company that makes servers used in AI, rose 7.6%. Palantir Technologies, which offers an AI platform for customers, climbed 7.3%.

Tesla revved 5.4% higher after CEO Elon Musk said he’ll spend less time in Washington and more time running his electric vehicle company after Tesla on late Tuesday reported a big drop in profits. It’s been struggling because of backlash against Musk’s efforts to lead cost-cutting efforts by the U.S. government.

All told, the S&P 500 rose 88.10 points to 5,375.86. The Dow Jones Industrial Average added 419.59 to 39,606.57, and the Nasdaq composite gained 407.63 to 16,708.05.

In stock markets abroad, indexes jumped 2.1% in France, 2.4% in Hong Kong and 1.9% in Japan. Stocks in Shanghai were an exception, where they dipped 0.1%.

19 Virginians are finalists for EY Mid-Atlantic Entrepreneur of the Year

Nineteen Virginia business leaders are among the 36 finalists for ‘s 2025 Mid-Atlantic of the Year award, according to a Tuesday announcement.

The Big Four global professional services firm will name the regional awards winners on June 18.

EY’s Mid-Atlantic region covers Virginia, Maryland and Washington, D.C. Of the 36 finalists, seven were from Maryland and 10 were from the District. In total, this year’s mid-Atlantic EY regional finalists generated nearly $51 billion in 2024, employing more than 169,000 people. Over the most recent three-year period, they averaged 46% growth in revenue and 32% workforce growth.

In the U.S., the EY competition is divided into 17 regions. Regional winners compete in November for national awards, and the national winner represents the U.S. in EY’s World competition. EY founded its Entrepreneur of the Year program in 1986.

“Our independent panel of judges selected bold entrepreneurs who show resilience and adaptability as well as a dedication to solving real problems in business and society,” Lisa Kelly, Mid-Atlantic Program Co-Director, stated in a news release. “We are delighted to recognize their successes.”

The Virginia finalists include:

  • Jeff Beck, co-founder and CEO, AnswersNow,
  • Gloria Bohan, founder, and CEO, Omega World Travel, Fairfax County
  • Olivia Trivisani Bowker, founder and CEO, Amivero, Reston
  • Mitchell Cho, founder and CEO, FedWriters, Fairfax County
  • Greg Craddock, CEO, Patriot Group International, Warrenton
  • Glenn Diersen, founder and president, Summit Human Capital, Richmond
  • Mark Drever, founding partner and CEO, Xcelerate Solutions,
  • Kathy Freeland, president and CEO, A-TEK, McLean
  • Shawn Gundrum, president and CEO, Cathexis,
  • Craig Halliday, CEO, Unanet,
  • Kendall Holbrook, CEO, Dev Technology Group, Reston
  • Amir Hudda, CEO, Qu,
  • Gautam Ijoor, founder, president and CEO, Alpha Omega,
  • Felix Lloyd, co-founder and CEO, Zoobean, Arlington County
  • Shubhi Mishra, founder and CEO, Raft, McLean
  • Ahmad Nassar, CEO, Winners Alliance, Tysons
  • Bill Schaefer, president and CEO, Amyx, Reston
  • Rob Schroder, founder and managing partner, SteerBridge, Tysons
  • Matt Small, president and CEO, Symplicity, Arlington County

 

 

Federal contractor Amentum to sell Rapid Solutions for $360M

Chantilly-based federal contractor Amentum announced Wednesday it has entered into a definitive agreement to sell its hardware and product business, , to company for $360 million.

Amentum says the sale will accelerate debt reduction. The transaction, which is subject to customary regulatory approvals and conditions, is expected to close in the second half of the year and generate approximately $325 million in after-tax proceeds.

“The divestiture of Rapid Solutions sharpens Amentum’s focus on mission critical services and reinforces our position as a global pure-play provider of advanced and technology-enabled solutions,” Adam Harrison, Amentum’s senior vice of strategy and corporate development, said in a statement.

Rapid Solutions manufactures products that aid , including advanced communications and tactical systems. It accounts for approximately 1% of Amentum’s annual revenues and adjusted earnings before interest, taxes, depreciation and amortization. In December 2024, Amentum reported about $8.4 billion in revenue for fiscal 2024.

According to Amentum, about 230 employees will transition to Lockheed Martin upon close of the sale. Amentum will provide more information during its second-quarter earnings call on May 7.

Amentum has more than 53,000 employees in approximately 80 countries across all seven continents. The company was founded as a spinout of AECOM’s Management Services Group in 2020 and moved its headquarters from Germantown, Maryland, to in 2023.

Headquartered in Bethesda, Maryland, Lockheed Martin is an aerospace and manufacturer that specializes in aeronautics, missiles and fire control, rotary and missions’ systems and space-related technology. The company reported $71 billion in net sales and $5.3 billion in net earnings in 2024. It has 350 facilities globally and 121,000 employees worldwide.

Boeing doesn’t expect its recovery to be impacted by trade war with China

Boeing CEO Kelly Ortberg said Wednesday that he doesn’t expect the U.S. trade war with China to forestall the -based company’s financial recovery, nor prevent it from reaching aircraft delivery targets with Chinese airlines now refusing to accept planes.

Speaking on CNBC, Ortberg said that Boeing had three airplanes in China ready for delivery, but that two of them had been returned to Seattle so far because Beijing has stopped taking deliveries due to the dispute with the U.S.

While the company had planned to send about 50 airplanes to China this year, Ortberg said Boeing will be “pretty pragmatic” going forward.

“For those airplanes that haven’t been built yet, we’ll be looking to maybe redirect those to other customers,” he said. “For the airplanes that have been built, we call it remarketing. There’s plenty of customers out there looking for the Max aircraft.”

Donald Trump announced sweeping on April 2 that triggered panic in the financial markets and generated recession fears, causing the U.S. president to quickly put a partial 90-day hold on the import taxes and increase his already steep tariffs against China to as much as 145%.

On Tuesday U.S. Treasury Secretary Scott Bessent said in a speech that the ongoing tariffs showdown against China is unsustainable and he expects a “de-escalation” in the trade war between the world’s two largest economies.

Boeing reported its first-quarter financial results on Wednesday, posting an adjusted loss of 49 cents per share on revenue of $19.5 billion. The results topped the expectations of analysts surveyed by Zacks Investment , which called for a loss of $1.54 per share on revenue of $19.29 billion.

The company also significantly reduced its cash burn to approximately $2.29 billion from nearly $4 billion in the prior-year period.

Shares of Boeing rose more than 6% in morning trading.

pretax loss

In other Virginia-based aerospace news, -headquartered Northrop Grumman on Tuesday reported first-quarter net income of $481 million, which did not meet Wall Street expectations. CEO Kathy Warden said in Tuesday’s earnings call that the giant had incurred a $477 million pretax loss on the first five aircraft for its U.S. Air Force B-21 Raider stealth bomber program.

Higher materials costs, as well as changes in the production process to speed it up, were related to the loss, Warden said.

Earnings, adjusted for non-recurring costs, were $6.06 a share, down from the average estimate of nine analysts of $6.21 per share.

The defense contractor posted revenue of $9.47 billion in the period, which also did not meet Wall Street forecasts. Seven analysts surveyed by Zacks Investment Research expected $9.91 billion.

Northrop Grumman expects full-year earnings in the range of $24.95 to $25.35 per share, with revenue in the range of $42 billion to $42.5 billion.

On Wednesday, Reston-based General Dynamics reported first-quarter net income of $994 million, a profit of $3.66 per share, which beat Wall Street forecasts of $3.47 a share. General Dynamics posted revenue of $12.22 billion in the , over a Wall Street expectation of $11.95.

Arlington-based on Tuesday reported earnings of $1.54 billion in the first quarter of the year, with adjusted earnings at $1.47 per share. That beat Wall Street expectations of $1.35 a share. The aerospace and defense company posted revenue of $20.31 billion in the quarter, up from a forecast by analysts of $19.71 billion.

Virginia Business Deputy Editor Kate Andrews contributed to this story.

Dominion Energy shakes up senior executive responsibilities

Fortune 500 announced Wednesday it’s making major changes to the responsibilities for three senior executives, effective June 1.

The changes are tied to the June 1 retirement of , executive vice and chief operating officer, who announced her planned departure in December 2024. A spokesperson said when her retirement was announced, most of her responsibilities were transitioned to Ed Baine, president of Dominion Energy Virginia, and Eric Carr, Dominion Energy’s chief nuclear officer.

One of the announced changes is that Carlos M. Brown, president of and Dominion executive vice president, chief legal officer and corporate secretary, will oversee the company’s project construction group that includes major generation and gas construction projects. Starting June 1, he will become executive vice president, chief administrative and projects officer and corporate secretary and will continue to serve as president of Dominion Energy Services.

Dominion Energy Mark Mitchell profile
Mark D. Mitchell is being promoted from Dominion’s senior vice president of project construction to president. Photo courtesy Dominion Energy.

According to a news release, Brown joined the company in 2007 and has since taken on various business, operational, legal and executive roles. He has bachelor’s and law degrees from the University of Virginia, where he is vice rector of the Board of Visitors.

Mark D. Mitchell, who has four decades of utility construction experience, is being promoted from senior vice president of project construction to president, and he will report to Brown. Mitchell joined Dominion in 2000 and holds a bachelor’s degree from the University of Delaware and an MBA from Wilmington College.

While Brown currently oversees Dominion’s law department, that responsibility will shift to Regina J. “Gina” Elbert, senior vice president and chief human resources officer, on June 1. Her new title will be senior vice president and chief legal and human resources officer, and she will be responsible for the company’s law and HR functions. Elbert came to Dominion Energy in 2011 and has a bachelor’s degree from the University of Virginia and a law degree from Harvard Law School.

Regina J. “Gina” Elbert will be responsible for both Dominion's law and HR functions in June. Photo Courtesy Dominion Energy
Regina J. “Gina” Elbert will be responsible for both Dominion’s law and HR functions beginning in June. Photo courtesy Dominion Energy.

Baine, Carr, Brown and Elbert will continue reporting to Dominion President and CEO Robert M. Blue, according to the release.

“These five talented leaders from Dominion Energy’s deep bench are highly experienced and capable,” Blue said in a statement. “Carlos, Ed, Eric, Gina and Mark are following in the footsteps of an outstanding leader in our company and in our industry, and the board of directors and I are confident in their leadership.”

Headquartered in , Dominion Energy provides regulated service to 3.6 million homes and businesses in Virginia, North Carolina and South Carolina, as well as regulated natural gas service to 500,000 customers in South Carolina. The company also develops and operates regulated offshore wind and solar power.