Hughes Posts Gain in Defense Electronics
GM Hughes Electronics Corp. earned $175 million in the first quarter, up 14% from the year before, while revenue increased 3.8% to $2.7 billion, the General Motors subsidiary reported.
The 14% increase in profit reflected gains by both Hughes Aircraft and Delco Electronics. The Hughes increases came on “continuing strength in the defense electronics market” and on “significant improvements” in Hughes missile business. The company said cost and delivery of missiles at its Canoga Park Missile Systems Group improved.
Delco sales and earnings rose despite lower GM U.S. vehicle production in the first quarter, reflecting continued growth in the electronic content of motor vehicles, the company said.
Of the $2.6 billion in revenue, sales to GM and its affiliates represented $1.79 billion.
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