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
General dynamics itronix
General Dynamics reports $3.3B profit in 2018
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
General Dynamics Electric Boat: Full speed ahead on submarine work
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
General Dynamics Taps Insider to Lead Federal IT Push
By Angus Loten Angus Loten The Wall Street Journal BiographyAngus Loten @angusloten [email protected] Aug 8, 2018 5:50 pm ET 0 COMMENTS General Dynamics Corp. is tapping a veteran insider to lead its ongoing push into the federal information technology market, as more agencies seek to upgrade legacy systems and shift to the cloud. Christopher Marzilli, who has served as a senior official at the defense giant for nearly 20 years, was named executive vice president of its fast-growing IT services division, a company spokeswoman confirmed Wednesday. He is set to replace Daniel Johnson, who plans to retire at the end of the year. Mr. Marzilli is currently president of General Dynamics Mission Systems, a business unit that provides secure communication and information systems integrations, among other services. He will be replaced in that role by Chris Brady, the unit’s vice president of engineering. General Dynamics, the Falls Church, Va. maker … [Read more...] about General Dynamics Taps Insider to Lead Federal IT Push
General Dynamics to invest $850M in Connecticut plant
By Alexander Soule Updated 12:39 pm, Tuesday, May 1, 2018 window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-c', container: 'taboola-interstitial-gallery-thumbnails-5', placement: 'Interstitial Gallery Thumbnails 5', target_type: 'mix' }); _taboola.push({flush: true}); Photo: Sean D. Elliot / Associated Press Image 1of/5 CaptionClose Image 1 of 5 The Virginia class attack submarine Colorado in July 2015 at General Dynamics’ Electric Boat plant in Groton, Conn. The Virginia class attack submarine Colorado in July 2015 at General Dynamics’ Electric Boat plant in Groton, Conn. Photo: Sean D. Elliot / Associated Press Image 2 of 5 Former U.S. Secretary of Defense Ash Carter tours the General Dynamics Electric Boat facility in Groton, Conn., in May 2016. Former U.S. Secretary of Defense Ash … [Read more...] about General Dynamics to invest $850M in Connecticut plant