(Reuters) -U.S. defense contractor General Dynamics reported a rise in fourth-quarter revenue on Wednesday, as a tense global political climate sustained demand for its military equipment.
Escalating tensions between China and the Philippines, the Russia-Ukraine war and conflicts in the Middle East have boosted orders for U.S. defense firms such as General Dynamics, Lockheed Martin and RTX’s defense arm Raytheon.
However, pandemic-related disruptions in labor and ongoing supply-chain snags are hampering efforts to deliver on these record weapons orders.
General Dynamics’ Combat Systems unit, which makes tanks, posted a revenue jump of 14.8% from a year earlier.
The company’s quarterly revenue increased 7.5% to $11.7 billion.
Net earnings at the Reston, Virginia-based company came in at $3.64 per share, higher than the $3.58 it posted a year earlier.
(Reporting by Mehr Bedi in Bengaluru; Editing by Devika Syamnath)
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