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Navy Work, Aerospace Lift GD To Strong Third Quarter; Submarine Supply Chain Woes Persist

Cal Biesecker By
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Navy Work, Aerospace Lift GD To Strong Third Quarter; Submarine Supply Chain Woes Persist
Virginia-class submarine USS Hyman G. Rickover (SSN 795) is moored pierside during a commissioning ceremony at Naval Submarine Base New London in Groton, Conn, on October 14, 2023 (U.S. Navy Photo)

General Dynamics [GD] on Wednesday reported strong third quarter financial results supported by its businesses that make ships and submarines for the Navy and business jets and aircraft services for corporate and government customers. However, ongoing supply chain issues related to submarines are depressing production rates and operating margin in the Marine Systems segment, Phebe Novakovic, GD’s chairwoman and CEO, said during the company’s earnings call. Moreover, delays in deliveries of the company’s latest Gulfstream business jet due to the…

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