StockNews.AI
GD
StockNews.AI
147 days

General Dynamics Electric Boat awarded $1 billion contract modification for long lead time material for Virginia-class submarines

1. General Dynamics Electric Boat awarded a $1 billion contract modification. 2. Funding supports production of Virginia Class Block VI submarines. 3. Contract signifies importance of investment in submarine industrial base. 4. Virginia-class submarines are designed for modern military missions. 5. General Dynamics employs over 110,000 and had $47.7 billion in revenue.

5m saved
Insight
Article

FAQ

Why Bullish?

The contract signals strong governmental support and growth prospects for GD, similar to past contracts boosting stock.

How important is it?

The substantial contract modification directly strengthens GD's fiscal outlook and validates its core business.

Why Long Term?

This contract ensures continued funding and future revenue, which positively affects long-term stability and growth.

Related Companies

HIIRTXBA
, /PRNewswire/ -- General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), announced today it has been awarded a $1 billion undefinitized contract modification allowing Electric Boat to purchase long lead time materials for Virginia Class Block VI submarines as detailed in the U.S. Department of Defense contract announcement. Virginia-class submarine "This contract modification drives continuation of the crucial demand signal that the submarine industrial base needs to invest in the capacity and materials required to increase production volume," said Mark Rayha, president of General Dynamics Electric Boat. "Consistent funding for the supply base is essential to achieve the high-rate production the Navy requires of the entire submarine enterprise." Virginia-class submarines are designed from the keel up for the full range of 21st-century mission requirements, including anti-submarine and surface ship warfare and special operations support. General Dynamics Electric Boat is the prime contractor and lead design yard for the Virginia class and constructs them in a teaming arrangement with HII's Newport News Shipbuilding in Virginia. General Dynamics Electric Boat designs, builds, repairs and modernizes nuclear submarines for the U.S. Navy. Headquartered in Groton, Connecticut, it employs more than 24,000 people. More information about General Dynamics Electric Boat is available at www.gdeb.com.Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 110,000 people worldwide and generated $47.7 billion in revenue in 2024. More information is available at www.gd.com.SOURCE General Dynamics Electric Boat WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Related News