General Dynamics reports $913M profit in Q3

GENERAL DYNAMICS CORP. reported a profit of $913 million in the third quarter. / COURTESY GENERAL DYNAMICS ELECTRIC BOAT
GENERAL DYNAMICS CORP. reported a profit of $913 million in the third quarter. / COURTESY GENERAL DYNAMICS ELECTRIC BOAT

NORTH KINGSTOWN – General Dynamics Corp. reported a $913 million profit in the third quarter, a 7.3% increase year over year. Earnings per diluted share were $3.14, compared with $2.85 one year prior.

The company posted a revenue of $9.8 billion for the quarter, a 7.3% increase from the third quarter of 2018.

“Margins advanced nicely in the quarter due to Gulfstream’s continuing ability to efficiently transition its production to new models, coupled with solid operating performance at the defense businesses,” said Phebe N. Novakovic, chairman and CEO. “Our continued focus on operating excellence and driving cost efficiencies, coupled with new business opportunities, should enable us to build on these results.”

The company’s Marine Systems segment, which includes General Dynamics Electric Boat, which has operations in North Kingstown, reported a revenue of $6.6 billion for the quarter, a 6.7% increase year over year.. Operating earnings for the segment were $586 million, reflecting an operating margin of 8.9%.

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The company said notable contacts received in the quarter for Marine Systems included a $175 million contract from the U.S. Navy to provide engineering, tactical and planning yard support services for operational and strategic attack submarines and a $390 million contract for Advanced Nuclear Plant Studies in support of the Columbia-class submarine program.

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