NORTH KINGSTOWN – General Dynamics reported a $625 million profit in the second quarter, or $2.18 per diluted share, the company said on Wednesday.
The company’s profit declined 22.5% year over year from $806 million, or $2.77 per diluted share.
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Revenue for the quarter was $9.3 billion, a 3% decline year over year.
The company’s marine-systems segment, which includes General Dynamics Electric Boat, reported $2.5 billion in revenue in the second quarter, a 6.3% increase from one year prior. Segment operating earnings were $200 million, a rise of 1.5% year over year.
Quarterly highlights for the company included a contract from the Navy to construct the first two Columbia-class submarines, which will be worth $11.5 billion when funding is received from Congress.
“We have continued to operate throughout the COVID-19 pandemic, meeting our customers’ needs while keeping our people as safe as possible,” said Phebe N. Novakovic, chairman and CEO. “We are focused on the basics of early and aggressive cost management, performance and cash conversion as we manage through this period.”
