General Dynamics profit rises on sustained defense demand
The Reston, Virginia-based company reported quarterly profit of $994 million or $3.66 per share, up from $799 million or $2.88 per share a year ago.
Defense contractors continued to benefit from strong demand for weapons and other military equipment during the reported quarter owing to the ongoing Russia-Ukraine war.
"We continue to see steady growth and improvement in operating performance across the defense portfolio," said CEO Phebe Novakovic.
For the quarter ended March 30, the company's combat system's segment that makes weapon systems and military vehicles saw a 3.5% rise in revenue. Its nuclear-powered submarine-making marine systems segment also saw a 7.5% rise.
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