General Dynamics' Submarine Orders Supercharged Backlog
Dow Jones10-30 19:34
General Dynamics' backlog surged to $220 billion in the third quarter, driven by large orders in its Marine Systems segment for Virginia- and Columbia-class submarines. The defense contractor reported $93.8 billion in orders across its defense segments during the quarter, with Marine Systems leading the way. The segment's revenue jumped 21% compared to the year-ago quarter, outpacing the company's other divisions. General Dynamics said its book-to-bill ratio reached 6.8-to-1 on a company-wide basis, reflecting strong demand across its defense portfolio
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