General Dynamics Says 4Q Profit Rises 12%
January 29 2020 - 8:25AM
Dow Jones News
By Micah Maidenberg
Profit at General Dynamics Corp. (GD) increased 12% in the
fourth quarter, as the defense contractor and jet maker saw gains
in its combat-system business and marine-systems unit.
The company on Wednesday reported net income of $1.02 billion,
or $3.51 a share, up from $909 million, or $3.07 a share, in the
fourth quarter of 2018.
Sales rose about 4% from the year earlier to $10.77 billion.
Analysts expected $10.65 billion in sales.
General Dynamics said sales from its combat systems segment,
which develops vehicles, weapons systems and munitions for
governments, rose 13% from the year earlier. The marine business,
which creates products like nuclear-powered submarines, saw sales
increase about 12%.
But sales in the company's information technology unit fell 15%,
General Dynamics said.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
January 29, 2020 08:10 ET (13:10 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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