Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

Military equipment for Ukraine helps fuel General Dynamics’ profit

Saudi men are seen at General Dynamics stand displaying the latest defence system at World Defense Show in Riyadh, Saudi Arabia, March 6, 2022. REUTERS/Ahmed Yosri/File Photo
Saudi men are seen at General Dynamics stand displaying the latest defence system at World Defense S... Saudi men are seen at General Dynamics stand displaying the latest defence system at World Defense Show in Riyadh, Saudi Arabia, March 6, 2022. REUTERS/Ahmed Yosri/File Photo
Saudi men are seen at General Dynamics stand displaying the latest defence system at World Defense Show in Riyadh, Saudi Arabia, March 6, 2022. REUTERS/Ahmed Yosri/File Photo
Saudi men are seen at General Dynamics stand displaying the latest defence system at World Defense S... Saudi men are seen at General Dynamics stand displaying the latest defence system at World Defense Show in Riyadh, Saudi Arabia, March 6, 2022. REUTERS/Ahmed Yosri/File Photo

Listen to the article now

The demand for artillery and armored vehicles, partly driven by the need to replenish supplies delivered to Ukraine, helped offset increased costs. U.S. defense contractor General Dynamics (GD.N) reported third-quarter earnings on Wednesday that topped Wall Street projections.

The Pentagon’s investment in equipment replacements for Ukraine, such as 155-millimeter artillery replacements, crucial to Ukraine’s ground strategy in fending off the Russian invasion, has helped the corporation.

Combat vehicles like Stryker and Abrams tanks, among other weaponry, have already been transferred to Ukraine and are expected to be replenished.

Following the release of its quarterly earnings of $3.04 per share, which is above analyst projections of $2.91, and its 6% sales increase to $10.57 billion, which also exceeded estimates, the Reston, Virginia-based company’s shares increased 4.4%, according to LSEG data.

According to Jason Aiken, chief financial officer of General Dynamics, artillery has “been a big pressure point with Ukraine, one that we’ve been doing everything we can to support our (U.S.) Army customer,” so far.

He said that output has increased from 14,000 rounds per month to 20,000. The ratio of orders received to units shipped and billed, or book-to-bill, for the firm was 1.4 to 1. Sales at the company’s aerospace division, which produces Gulfstream business jets, fell 13.4% due to difficulties with the supply chain that made aircraft delivery more difficult.

Gulfstream fulfilled its commitment to deliver 27 planes this quarter, although it was far fewer than the 35 jets it supplied in the same period last year. Seventy-two business planes have been delivered so far this year.

Aiken stated that it now expects 135 to 137 deliveries in 2023, down from 139 to 140 in July, during a conference call with investors following its results call. For the corporation to deploy its business aircraft, G700 certification is necessary

According to Sheila Kahyaoglu, a Jefferies analyst, “this could still be possible given 40 G700s are built and awaiting certification, and guidance (from management) of 19 G700s” to be manufactured in the fourth quarter. Her note was sent on Wednesday.

“All in, including G700, we anticipate in excess of 60 deliveries in the (fourth) quarter, assuming we’re granted FAA certification before the end of the year,” added Aiken.

Along with other military contractors, Lockheed Martin (LMT.N) and RTX (RTX.N), General Dynamics released better quarterly earnings than anticipated.


Comment Template

You May Also Like

Business

Starting in 2024, the IRS will lower the Form 1099-K reporting threshold to $5,000 for business transactions via payment platforms like PayPal and Venmo....

Business

The stock market saw major premarket moves on February 14, 2025. Roku and Airbnb surged on strong earnings, while Moderna and Informatica fell on...

Business

Warren Buffett’s Berkshire Hathaway trimmed its stake in DaVita amid a weaker 2025 outlook, causing an 8% stock decline. Rising costs and dialysis center...

Business

Stock futures dipped amid new trade policy shifts from President Trump, while GameStop surged on crypto investment speculation. Major retailers scaled back DEI commitments,...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok