General Dynamics (NYSE:GD)
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6 Months : From Oct 2019 to Apr 2020
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 firstname.lastname@example.org
(END) Dow Jones Newswires
October 23, 2019 07:47 ET (11:47 GMT)
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