General dynamics itronix

PROVIDENCE – General Dynamics Corp. reported a profit of $745 million in the first quarter of 2019, a 6.8% decline from $799 one year prior. Earnings per diluted share for the quarter were $2.56, compared with $2.65 one year prior. The company, headquartered in Falls Church, Va., reported that revenue in the first quarter was $9.3 billion, a 22.9% increase from the first quarter of 2018. “The solid sales gains and strong bookings reflect the market-leading performance we expect of our operating units,” said Phebe Novakovic, General Dynamics chairman and CEO, in the earnings release. “We are pleased with our robust backlog and remain relentlessly focused on improving operating performance.” The company said that nuclear-powered submarines, which are built by the company’s General Dynamics Electric Boat segment, accounted for $1.4 billion in quarterly revenue, an increase from $1.3 billion one year prior. The company reported that it received a $2 … [Read more...] about General Dynamics profit falls in Q1 to $745M

An international dispute between Canada and Saudi Arabia is holding up hundreds of millions of dollars in armored-vehicle payments that were promised to U.S. defense giant General Dynamics, executives disclosed recently in a call with investors. It’s an early sign that U.S. arms manufacturers are not immune to backlash over doing business with Saudi Arabia in light of its complicity in a long-running humanitarian crisis in Yemen and the killing of a Saudi journalist and critic. U.S. arms manufacturers have struggled to reassure investors that their Saudi business is safe in the months since since Jamal Khashoggi, a Saudi journalist and American resident, was killed at the hands of the Saudi state in October.In the United States, policy has largely fallen in their favor. President Trump has stubbornly resisted calls to curtail U.S. arms sales with Saudi Arabia. And no legislation has emerged from Congress that would fundamentally alter the U.S.-Saudi security partnership, despite … [Read more...] about General Dynamics reports financial fallout with Saudi Arabia

NORTH KINGSTOWN – General Dynamics reported a profit of $3.35 billion in 2018, a 14.9 percent increase from $2.9 billion in 2017, the company reported Wednesday. Diluted earnings per share for the year were $11.18, compared with $9.56 the previous year. The company reported revenue of $36.2 billion, a 16.9 percent increase from the prior year. The company’s Marine Systems segment, which includes General Dynamics Electric Boat and its operations in North Kingstown, reported an operating profit of $761 million, an 11.1 percent year-over-year increase, on segment revenue of $8.5 billion, a 6.2 percent increase over the year. Overall, General Dynamics reported net income of $909 million profit in the fourth quarter of 2018, compared with a $636 million profit one year prior. Quarterly revenue was $10.4 billion, a 25.4 percent year-over-year increase. The company’s Marine Systems segment reported revenue for the fourth quarter of $2.3 billion, a 11.5 percent increase … [Read more...] about General Dynamics reports $3.3B profit in 2018

WARWICK – General Dynamics Electric Boat plans to add between 1,000 and 1,500 jobs in Rhode Island and grow its local network of suppliers as the company builds the U.S. Navy’s next generation of nuclear-powered submarines – asserting United States military undersea dominance over competitors such as Russia and China, company President Jeffrey S. Geiger said Monday. Speaking at the company’s annual legislative briefing, Geiger said General Dynamics Electric Boat plans to add 500 jobs this year alone at its Quonset Business Park facilities in North Kingstown. That follows the addition of about 1,000 jobs last year, currently bringing its workforce there to about 4,500 employees, he said. The company will grow that number to about 5,000 people by the end of this year, followed by another round of hiring beginning in 2023 that will increase its local workforce to between 5,500 and 6,000 by 2027 or 2028. The increased level of work at Quonset should continue through … [Read more...] about General Dynamics Electric Boat: Full speed ahead on submarine work