Top Lawmaker Calls Out Subcontractor in Next-Gen Submarine's Delays [BNN Bloomberg (Canada)]
General Dynamics Corporation (GD)
Last general dynamics corporation earnings: 4/29 07:00 am
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Source: BNN Bloomberg
“The biggest problem was a particular subcontractor that overpromised and under-delivered on an extremely important part of the submarine,” said Representative Ken Calvert of California, who chairs the House defense appropriations subcommittee. “Does anything shock me? Not any more.” Asked if he was referring to Northrop, Calvert confirmed that he was. Northrop Grumman was contracted by the Navy to deliver the first turbine generators by 2021 for the USS District of Columbia, the first of the Navy's new Columbia-class submarines. Instead, the turbine generators are projected to be delivered in early 2025, according to the Navy. That's contributed to a delay potentially as long as 16 months for the District of Columbia, which had been scheduled to be delivered in October 2027 so that it could go on its first deployment in 2031. A Northrop spokesman didn't immediately respond to a request for comment. Earlier: Nuclear-Missile Sub Delayed Up to 16 Months Over Bow, Generators E
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- General Dynamics Co. (NYSE: GD) is now covered by analysts at BTIG Research. They set a "buy" rating and a $345.00 price target on the stock.MarketBeat
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