President Trump’s use of Twitter to criticize the cost of the Pentagon’s acquisition programs had no major impact on companies’ 2016 earnings, according to one analyst.

The top five U.S. defense contractors released their earnings this week for both the fourth quarter of 2016 and the full year, and it was largely good news across the board. Most of the defense primes saw increases in net sales for 2016: Raytheon at 3.5 percent, Northrop Grumman at 4 percent, General Dynamics at 3.3 percent and Lockheed Martin at 16.5 percent. The only decrease was a 2 percent drop at Boeing, though the company boasted a 12 percent increase in operating cash flow to a record $10.5 billion.

Trump has taken on the cost of both Lockheed Martin’s F-35 and Boeing’s new Air Force One, securing promises from the CEOs of both companies to control costs as best as possible. While his tweets and comments to reporters caused the companies’ stocks to take a temporary dip at the time, the criticisms have had no lasting effect, said Roman Schweizer, an aerospace and defense analyst at Cowen Washington Research Group.

“I wouldn’t say the Trump effect or Twitter effect has really had any impact on earnings to date,” Schweizer said. “It’s sort of caused a ripple or a secondary effect in the climate in Washington, and I think a lot of company managements and government officials are trying to understand what the acquisition climate and contracting climate will be over the next four years.”

Schweizer said 2016 “generally was very good for the defense sector” both in terms of domestic sales and in sales to foreign militaries, noting demand for U.S.-made goods across the Middle East, Europe and Asia.

While he has promised to control the costs of big-ticket acquisition projects, Trump has also said that he will significantly increase military budgets to rebuild readiness, even saying that he will work to undo Budget Control Act caps for defense spending.

But experts warned last week that the higher budgets he touted on the campaign trail are far from a done deal because of several political hurdles that remain on Capitol Hill, even with Republicans controlling both chambers.

“It’s not Christmas in July and I just keep hearing this euphoria in defense circles,” Mackenzie Eaglen, an analyst with the American Enterprise Institute, said during an event at the Center for Strategic and International Studies this week.

That’s because, despite the fact that Republicans have more votes, Democrats still have the numbers to keep Republicans from raising defense spending without also increasing funding in non-defense accounts.

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Schweizer said the earnings predictions for 2017 released this week largely reflect that companies are beginning to realize that “it shouldn’t be a blind euphoria” and are not factoring a large bump in 2017 into their projections to manage expectations.

“It could be a choppy year from a legislative perspective for 2017,” he said.

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