General Dynamics Posts Higher-Than-Expected Profit, Sales
July 24 2019 - 08:21AM
Dow Jones News
By Dave Sebastian
General Dynamics Corp. (GD) reported higher profit in the second
quarter as sales rose, beating analysts' expectations.
The aerospace and defense company posted $806 million in profit,
or $2.77 a share, up from the comparable quarter last year's $786
million, or $2.62 a share. Analysts polled by FactSet were
expecting $781.2 million, or $2.68 a share.
Revenue for the quarter was $9.56 billion, compared with $9.19
billion in the prior year. Analysts expected $9.36 billion.
The company's combat-, mission- and marine-systems segments, as
well as it aerospace division, saw a rise in revenue. The
information-technology segment saw a decline.
General Dynamics said its backlog at the end of the quarter was
$67.7 billion. Its total estimated contract value, which is the sum
of all backlog components, was $101.9 billion, up 3% from the prior
year.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
July 24, 2019 08:06 ET (12:06 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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