(GD) General Dynamics Subsidiary NASSCO Wins U.S. Navy Contract

March 3rd, 2010

General Dynamics’ (GD) wholly-owned subsidiary – General Dynamics NASSCO, has been awarded an $824.6 million contract by the U.S. Navy for the construction of two T-AKE dry cargo-ammunition ships.

Construction of the two ships is scheduled to begin in the second and fourth quarters of 2010, respectively. NASSCO expects to deliver both ships to the Navy’s Military Sealift Command in 2012.

General Dynamics NASSCO has the only full-service ship construction and repair yard on the West Coast of the U.S. The shipyard delivered its ninth T-AKE ship on February 24 and is currently building the tenth through the twelfth ship of the class.

General Dynamics’ total backlog was $65.5 billion at fiscal-end 2009, reflecting an increase mainly in both the Aerospace and Combat Systems segments.

Headquartered in Falls Church, VA, General Dynamics is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. The company operates through four business segments ? Information Systems & Technology, Combat Systems, Marine Systems, and Aerospace. Its major competitors are Lockheed Martin Corp. (LMT), Raytheon Co. (RTN) and Force Protection Inc. (FRPT).

General Dynamics is a well-run company that is likely to continue to deliver on expectations driven by strong revenue growth, margin expansion and cash flow generation. Strong defense outlays should further improve the company’s outlook for shareholders while an increasingly funded backlog and an improving balance sheet are additional positive factors. The Zacks Consensus Estimate on the company’s earnings for the first quarter is currently pegged at $1.57 per share.

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