General Dynamics 1Q Profit Falls, Misses Expectations

By Kimberly Chin

General Dynamics Corp. (GD) reported its net profit slid 6.8% in the first quarter, falling short of analysts' expectations.

The aerospace and defense company said its net profit was $745 million, or $2.56 a share, compared with $799 million, or $2.65 a share, a year earlier. Analysts polled by Refinitiv forecast earnings of $3.03 a share.

Sales rose 23% to $9.26 billion from a year ago. Analysts expected $10.36 billion.

General Dynamics said revenue at its aerospace unit grew 23% from a year earlier to $2.24 billion, while revenue in the combat systems unit gained 14% to $1.64 billion.

Sales in information technology surged 91% to $2.17 billion, while mission systems sales gained 5.5% to $1.16 billion.

Write to Kimberly Chin at kimberly.chin@dowjones.com

(END) Dow Jones Newswires

April 24, 2019 08:38 ET (12:38 GMT)

General Dynamics (NYSE:GD)
Historical Stock Chart
From Mar 2024 to Apr 2024