General Dynamics Beats Profit Estimates, May Raise Outlook
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General Dynamics Corp. beat analysts’ quarterly profit estimates with a boost from warship production and the first revenue gain at the defense contractor’s mobile-communications unit since 2013. The company will probably raise its full-year outlook, the chief executive officer said.
Sales rose at all three defense units, lead by the Marine Systems arm after winning an $18 billion Navy contract last year for 10 Virginia-class attack submarines, the biggest weapons deal by the military in more than a dozen years. Earlier this month the company won a $610 million contract from the Navy to build an Arleigh Burke-class destroyer, part of a five-ship contract worth about $3.4 billion.