BQQ-6 passive bow-mounted array (which includes BQS-13 fire control array) Ĥ × 21 inch (533 mm) Mark 48 torpedo tubes (Forward Compartment 4th level).25 knots (46 km/h 29 mph) submerged (reported).20 knots (37 km/h 23 mph) submerged (official).Shares of General Dynamics have increased 2.7% in the past three months against the industry’s 12.5% decline.USS Ohio, during her commissioning ceremony in 1981. The Zacks Consensus Estimate of HII’s 2023 sales calls for a growth rate of 3.5% from the prior-year reported figure. The long-term earnings growth of Huntington is pegged at 6.6%. Its Newport News division participates in the design and construction of the Columbia-class (SSBN 826) submarine as a replacement for the current aging Ohio-class nuclear ballistic missile submarines. Huntington Ingalls is a co-developer with Electric Boat to build Virginia-class fast-attack nuclear submarines. The Zacks Consensus Estimate of NOC’s 2023 sales implies a growth rate of 5.8% from the prior-year reported figure. Northrop’s long-term earnings growth rate is pegged at 3.7%. NOC’s eject launch technology has powered more than 7,000 successful launches. It also provides launch systems for submarines. Northrop Grumman designs, develops and produces communication systems, sensors, signal processing and electronic warfare systems to counter increasingly sophisticated sea-based threats. The Zacks Consensus Estimate of BAESY’s 2023 sales calls for a growth rate of 33.6% from the prior-year reported figure. Other defense majors poised to benefit from the expanding submarine market are BAE Systems BAESY, Northrop Grumman NOC and Huntington Ingalls Industries HII.īAE Systems’ Astute class submarines, the U.K.’s largest and most powerful attack submarines, can strike targets up to 621 miles from the coast with pinpoint accuracy.īAE Systems boasts a long-term earnings growth rate of 14%. This trend should favor General Dynamics’ Electric Boat segment growth as this unit is the prime contractor and lead shipyard on all Navy nuclear-powered submarine programs. Per a report from the Mordor Intelligence firm, the submarine market is projected to witness a CAGR of 4% during the 2023-2028 period. These have invariably sparked increased spending by nations on military submarines to maintain an edge in undersea warfare. The advancement in submarine technology and its difficult-to-detect feature further add to its diverse advantages. Growth Prospects & Peer MovesĮfficient submarines equipped with nuclear weapons add to military capabilities and deter potential nuclear attacks in sea warfare missions. Such strong demand, in tandem with excellence in providing unique capabilities in submarines, should continue to boost the order book of General Dynamics in the long run, thus enhancing its revenue generation prospects. The Navy procures Virginia-class submarines in multi-boat blocks at a two-per-year rate. The company is currently working on Blocks IV and V in the program, with 17 Virginia-class submarines in its backlog scheduled for delivery through 2032. Its strong demand can be gauged by General Dynamics’ current backlog strength. Navy and resulted in a steady order inflow for the company from the Pentagon, like the latest one. Such enhanced features have made the Virgin-class submarine a top choice for the U.S. These are also capable of extended submerged operations with superior stealth, endurance, mobility and firepower. The submarine excels in littoral and open-ocean environments and collects intelligence critical to the full spectrum of warfare. The Virginia-class submarine is one of the most advanced nuclear-powered multisession stealth submarines suitable for marine warfare. Significance of Virginia-Class Submarines The contract is expected to be completed by October 2024. The majority of the work related to this contract will be executed in Groton, CT. The contract has been awarded by the Naval Sea Systems Command, Washington, D.C. General Dynamics Corporation’s GD business unit, Electric Boat, recently clinched a $967.2 million contract to provide lead yard support, development studies and design efforts for Virginia Class submarines.
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