US-based aerospace and defence firm General Dynamics has posted $10bn in revenue in the third quarter (Q3) of 2022, which represents a jump of 4.3% year-on-year (YoY).

The figure was $9.56bn in the same period a year ago.  

The company’s net earnings increased 4.9% to $902m in the third quarter of this year, compared to $860m in 2021.

In the three-month period that ended 2 October 2022, diluted earnings per share (EPS) were $3.26, up 6.2% YoY.

At the end of the quarter, GD’s backlog stood at $88.8bn.   

The company noted that orders primarily in its Aerospace and Combat Systems units remained strong.

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While the Aerospace segment reported a 13.6% rise in revenue, the firm’s Technologies business saw a 1.6% drop.

GD’s Marine Systems and Combat Systems registered 5% and 2.5% rises in revenue, respectively.

GD chairman and chief executive officer Phebe Novakovic said: “We saw continued strong demand in the quarter, particularly in Aerospace, Combat Systems, and Marine Systems.

“Our businesses delivered solid operating performance and cash flow, even as they managed through the challenges of inflation and supply chain constraints.”

Key defence contracts secured by the company in this quarter include a $1.4bn US Navy contract for an expeditionary sea base auxiliary support ship, and two more John Lewis-class (T-AO-205) fleet replenishment oilers.

The firm also received a contract with a maximum potential value of $910m to equip the US Air Forces with information technology infrastructure and modernisation support services.

In February this year, General Dynamics Information Technology secured a $518m task order award from the US Army Communications Electronics Command.