(Reuters) -Gulfstream jet maker General Dynamics reported a lower quarterly profit on Wednesday, due to higher operating expenses amid expensive labor and other inflationary pressures.
Although the demand for military equipment remains strong due to geopolitical tensions, a shortage of parts and materials, coupled with labor constraints, has driven up costs at the defense contractor.
Sales at the aerospace unit, which makes Gulfstream business jets, slumped 13.4% as supply chain challenges made it harder to deliver planes.
Overall profit fell to $836 million, or $3.04 per share, from $902 million, or $3.26 per share, a year earlier.
(Reporting by Pratyush Thakur in Bengaluru; Editing by Krishna Chandra Eluri)
