General Dynamics Unit Wins $1.076B Contract Modification From US Navy For Virginia-Class Submarines
Portfolio Pulse from Nabaparna Bhattacharya
General Dynamics Electric Boat, a unit of General Dynamics Corporation (NYSE:GD), has won a $1.076 billion contract modification from the U.S. Navy for providing long-lead-time material and advanced construction for Virginia-class fast-attack submarines. The unit has been constructing these submarines in collaboration with Newport News Shipbuilding, a division of Huntington Ingalls Industries, Inc (NYSE:HII).
May 24, 2023 | 10:58 am
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General Dynamics Electric Boat wins a $1.076 billion contract modification from the U.S. Navy for Virginia-class submarines.
The contract modification is a significant win for General Dynamics Electric Boat, which will likely have a positive impact on the company's stock price in the short term. The deal strengthens the company's position in the defense sector and showcases its expertise in submarine construction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Newport News Shipbuilding, a division of Huntington Ingalls Industries, Inc, is involved in the construction of Virginia-class submarines in collaboration with General Dynamics Electric Boat.
Huntington Ingalls Industries' involvement in the construction of Virginia-class submarines through its Newport News Shipbuilding division is likely to have a positive impact on the company's stock price in the short term. The collaboration with General Dynamics Electric Boat strengthens the company's position in the defense sector and showcases its expertise in submarine construction.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80