financetom
Business
financetom
/
Business
/
General Dynamics gets $1.85 billion contract modification for submarine production
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
General Dynamics gets $1.85 billion contract modification for submarine production
Jul 2, 2025 8:24 AM

July 2 (Reuters) - General Dynamics Electric Boat, the

submarine making unit of General Dynamics ( GD ), said on

Wednesday it received a $1.85 billion modification on its

previously awarded contract for Virginia-class submarines.

The modification is for long lead time material and

preliminary construction efforts for the nuclear powered

submarines, the company said.

The award, first posted on the Pentagon's website on June

26, is expected to be completed by September 2035, according to

the notice.

The announcement comes at a time when the submarines,

built for the U.S. Navy, is years behind schedule as a result of

labor shortages and supply chain issues.

"This contract modification allows for the acquisition

of critical material and components for Virginia-class

submarines that require substantial lead time to manufacture and

deliver," said Mark Rayha, president of General Dynamics

Electric Boat.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Plexus Posts Higher Q1 Profit, Lower Revenue; Issues Guidance
Plexus Posts Higher Q1 Profit, Lower Revenue; Issues Guidance
Jan 22, 2025
04:54 PM EST, 01/22/2025 (MT Newswires) -- Plexus (PLXS) reported fiscal Q1 non-GAAP earnings Wednesday of $1.73 per diluted share, up from $1.23 a year earlier. Analysts polled by FactSet expected $1.59. Revenue for the quarter ended Dec. 28 was $976.1 million, down from $982.6 million a year earlier. Analysts surveyed by FactSet expected $981.9 million. Plexus said it expects...
FCC reinstates complaints over ABC presidential debate, Harris TV appearances
FCC reinstates complaints over ABC presidential debate, Harris TV appearances
Jan 22, 2025
WASHINGTON, Jan 22 (Reuters) - The Federal Communications Commission on Wednesday reinstated complaints about how ABC News moderated the pre-election TV debate between U.S. President Joe Biden and Republican rival Donald Trump, and appearances of Vice President Kamala Harris on CBS' 60 Minutes and NBC's Saturday Night Live. Last week, then-FCC Chair Jessica Rosenworcel said the commission was rejecting complaints...
M&T Bank Approves $4 Billion Share Repurchase Program
M&T Bank Approves $4 Billion Share Repurchase Program
Jan 22, 2025
04:58 PM EST, 01/22/2025 (MT Newswires) -- M&T Bank ( MTB ) said late Wednesday that its board approved a $4 billion common stock repurchase program. The company has replaced and terminated its previous $3 billion buyback authorization with the new program, it said. ...
Hexcel Q4 Adjusted Earnings, Sales Rise; 2025 Guidance Issued
Hexcel Q4 Adjusted Earnings, Sales Rise; 2025 Guidance Issued
Jan 22, 2025
04:56 PM EST, 01/22/2025 (MT Newswires) -- Hexcel ( HXL ) reported Q4 adjusted earnings late Wednesday of $0.52 per diluted share, compared with $0.43 a year earlier. Analysts polled by FactSet expected $0.50. Net sales for the quarter ended Dec. 31 rose to $473.8 million from $457.5 million a year earlier. Analysts polled by FactSet expected $472.9 million. Looking...
Copyright 2023-2026 - www.financetom.com All Rights Reserved