Budget blues: Earnings reports expected to be lackluster for many defense companies

The third-quarter earnings reports of defense companies set to roll out over the next couple weeks likely won't be that exciting.

At least, that's if a research note released Oct. 14 by Wells Fargo Securities analysts is any indication.

As the report said, Pentagon outlays for procurement and research and development totaled $109 billion for the most recent quarter, a slight 0.9 percent uptick from last year. Furthermore, Wells Fargo expects “international demand to drive top line growth…