General Dynamics' Aerospace Business Bolsters Third-Quarter Results

Date : 10/23/2019 @ 1:02PM
Source : Dow Jones News
Stock : General Dynamics Corporation (GD)
Quote : 127.92  0.52 (0.41%) @ 12:04AM
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General Dynamics' Aerospace Business Bolsters Third-Quarter Results

General Dynamics (NYSE:GD)
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   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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