PROVIDENCE – General Dynamics Corp. logged an $836 million profit in the third quarter of 2023, a 7.3% decrease year over year, the aerospace and defense company reported on Wednesday.
Earnings per diluted share were $3.04 for the quarter, compared with $3.26 one year prior.
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The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.87 per share.
General Dynamics, which operates the subsidiary General Dynamics Electric Boat and has submarine-building facilities in North Kingstown and Groton, Conn., posted revenue of $10.57 billion in the quarter, also beating Wall Street forecasts. Seven analysts surveyed by Zacks expected $9.94 billion.
The aerospace backlog grew from $19 billion in the quarter to $20.1 billion, up 5.7%.
- The company’s marine systems segment includes General Dynamics Electric Boat. Revenue from the entire marine systems segment was $3 billion for the quarter, an 8.4% increase year over year. Segment profit was $238 million, an 11.3% decrease year over year.
- The company’s aerospace segment reported $2 billion in revenue for the quarter, a 13.4% decrease year over year. Segment profit decreased 14.1% year over year to $268 million.
- Combat-systems segment revenue increased 24.4% year over year to $2.2 billion. Segment profit increased 10.7% year over year to $300 million.
On Oct. 17, General Dynamics Electric Boat was awarded a $216.5 million contract by the U.S. Navy to acquire critical components and other materials that require long lead times for the construction of two Virginia-class submarines that aren’t scheduled to be completed for another decade.
The components will be for the unnamed SSN 814 and SSN 815, which are expected to be fully constructed by September 2034.
General Dynamics Electric Boat is the prime contractor and lead design yard for the Virginia class and constructs the ships in a teaming arrangement with Huntington Ingalls Industries Inc.’s Newport News Shipbuilding in Virginia.
Some of the construction work takes place at Electric Boat’s Quonset Point facility in North Kingstown, where the company employs more than 5,000 people.
On Oct. 4, General Dynamics Electric Boat was awarded a $967 million contract modification from the U.S. Navy for its ongoing Virginia-class nuclear submarine projects.
That contract modification, the second modification awarded to Electric Boat for the Virginia-class fast-attack submarines in 2023, will support base development and design efforts for the construction of the vessels, according to a news release from Electric Boat.
On May 24, the U.S. Navy awarded a $1.08 billion contract modification. Electric Boat is under contract for the construction of submarines in Block V of the class. The Virginia-class submarine construction is split between Electric Boat in Groton, Conn., and Newport News Shipbuilding Yard in Newport News, Va.
