General Dynamics profit rises on marine, aero sales boost

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 27, 2021

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October 27, 2021

(Reuters) -Defense contractor General Dynamics Corp posted a 3% rise in third-quarter profit on Wednesday, boosted by higher sales in its marine systems and aerospace units.

Business aviation has picked up from pandemic lows as easing travel curbs and the lure of private flights fills order books for new corporate aircraft.

The results come a day after Raytheon Technologies raised its forecast for full-year adjusted profit on encouraging signs in the commercial air travel space.

Sales in marine systems, which makes nuclear-powered submarines and surface ships for the U.S. Navy, rose 9.6% to $2.64 billion, while aerospace sales rose 4.6% to $2.07 billion.

The company delivered 31 Gulfstream jets versus 32 a year ago, but signaled strong order activity for its business jets.

General Dynamics earlier this month announced two new jets, with its larger Gulfstream G800 set to clash with Bombardier Inc’s Global 7500 and Dassault Aviation SA’s 10X.

Net earnings rose to $860 million, or $3.07 per share, in the quarter ended Oct. 3, from $834 million, or $2.90 per share, a year earlier.

Revenue rose 1.5% to $9.57 billion.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Ramakrishnan M.)

Source Link General Dynamics profit rises on marine, aero sales boost

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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.

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