General Dynamics' Aerospace Business Bolsters Third-Quarter Results
October 23 2019 - 8:02AM
Dow Jones News
By Micah Maidenberg
General Dynamics Corp. (GD) said profit rose 7% in the third
quarter, as the company reported strong revenue gains in its
aerospace business.
Overall, General Dynamics reported a profit of $913 million, or
$3.14 a share, compared with $851 million, or $2.85 a share, a year
ago.
On an adjusted basis, analysts polled by FactSet expected the
Falls Church, Va.-based company to report a profit of $3.07 a
share, according to FactSet.
Revenue rose 7% to $9.76 billion, roughly in line with
expectations.
General Dynamics said revenue in its aerospace unit, which
includes its Gulfstream business-jet operations, increased 23% in
the quarter. On Monday, the company introduced a new high-end
business jet that seats 19 people.
The combat-systems business posted a 14% revenue gain. The
information-technology segment generated $2.07 billion in revenue,
down 10% compared with last year.
The company reported a backlog of $67.4 billion at the end of
the third quarter.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
October 23, 2019 07:47 ET (11:47 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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