U.S. Navy pays contractors $600 mln that had been withheld for poor performance [Reuters]
General Dynamics Corporation (GD)
Last general dynamics corporation earnings: 4/29 07:00 am
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Source: Reuters
U.S. Navy pays contractors $600 mln that had been withheld for poor performance WASHINGTON, April 28(Reuters) - The U.S. Navy has paid defense contractors $600 million it had previously withheld due to poor workmanship, hoping the funds would shore up finances for suppliers ravaged by the coronavirus-driven economic downturn, a Navy official said on Tuesday. The move, which follows a similar action taken by the Air Force that unleashed billions of dollars in payments, is aimed at replacing revenues vital Pentagon suppliers have lost in their non-military businesses as the spreading coronavirus has halted business activity nationwide. “We were immediately able to infuse about $600 million of funds that we had on withholds,” James Geurts, the assistant secretary of the Navy for research, development and acquisition, told reporters on a conference call. The Department of Defense has also accelerated contract awards as it leverages its portion of the more than $700 billion annual defense
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GD
Earnings
- 10/24/25 - Beat
GD
Sec Filings
- 11/24/25 - Form 4
- 11/20/25 - Form 144
- 11/7/25 - Form 4
- GD's page on the SEC website