General Dynamics Corporation
) won a $9.5 million contract through its business wing, General
Dynamics Electric Boat.
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This is an agreement modification received from the U.S. Navy to
plan and perform maintenance and modernization work on its Los
Angeles-class attack submarine, the USS Hartford (SSN-768).
The latest deal calls for Electric Boat to carry out a
dry-docking selected restricted availability at the company's
Groton shipyard. The operation will likely be finished by
September and generate over 400 jobs at its peak level. The
contract was originally awarded in April last year with a
potential value of $67 million.
Based in Falls Church, Va., General Dynamics engages in
mission-critical information systems and technologies; land and
expeditionary combat vehicles, armaments and munitions;
shipbuilding and marine systems; and business aviation.
Over the years, General Dynamics has a long-standing business
association with the U.S. Navy. The company's order backlog at
the end of fourth-quarter 2012 was a healthy $17.1 billion. Its
diversified business operations also help to keep the growth rate
As the U.S. Department of Defense is one of the key customers of
General Dynamics, any further U.S. defense budget cutback could
limit the company's future growth prospects. We believe this is
one of the main reasons for the drop in Marine Systems Group's
total backlog by 7.6% year over year to $17.1 billion in
fourth-quarter 2012. Hence, uncertainty related to defense
budgets and the U.S. debt situation remains an overhang for the
Presently, General Dynamics carries a Zacks Rank #4 (Sell). Other
stocks worth considering are Zacks Ranked #2 (Buy)
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