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Aerospace and defense operator General Dynamics Corporation ( GD - Analyst Report ) announced that its unit Armament and Technical Products received a $6.9 million modification contract from the U.S. Navy.
Per the contract, the company will carry out production of important components of MK82 gun and guided missile directors and MK200 director controllers for Aegis Combat System illuminators.
The total value of the illuminator contract after modifications currently stands at $29.5 million. The initial contract to produce the illuminators was awarded in October 2010 and the successful use of which prompted the Navy to follow up with another order in March 2011.
The illuminator components are expected to be delivered by the first half of 2013 and will be installed aboard ships built under the restart of the DDG 51 shipbuilding program. These components play a critical part in the Aegis Combat system. The director positions the fire control system antenna to illuminate the target while director controller MK 200 generates the drive signals that position the director.
General Dynamics Armament and Technical Products is part of General Dynamics’ Combat System group. In the first quarter of 2012, Combat System reported revenues of $1.91 billion, down 2.3% from the year-earlier quarter. During the quarter, the segment received new orders worth $130 million from U.K. Ministry of Defense and $75 million from the U.S. Army.
General Dynamics expects earnings per share for in 2012 to be in the band of $7.10 to $7.20. The Zacks Consensus Estimate of $7.18 is on the higher end of the guidance.
General Dynamics currently retains a Zacks #3 Rank (short-term Hold rating). Some of its main competitors Lockheed Martin Corporation ( LMT - Analyst Report ) and Textron Inc. ( TXT - Analyst Report ) also carry Zacks # 3 Ranks.
Based in Falls Church, Virginia, General Dynamics, with its units, operates in business aviation, land and expeditionary combat systems, armaments and munitions, shipbuilding and marine systems, and information systems and technologies.
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