General Dynamics 3Q Sales Fell; Profit Beat Views
October 28 2020 - 7:46AM
Dow Jones News
By Dieter Holger
General Dynamics Corp. sales in the latest quarter fell below
Wall Street's expectations, though the defense contractor's backlog
remained up from a year ago and it beat profit forecasts.
The Reston, Va.-based company said Wednesday that net profit was
$834 million, or $2.90 a share, in the third quarter. A year ago,
profit was $913 billion, or $3.14 a share.
Analysts polled by FactSet had expected earnings of $2.88 a
share.
Sales fell to $9.4 billion in the quarter from $9.8 billion a
year earlier. Analysts had expected $9.6 billion.
General Dynamics said its backlog was $81.5 billion at the end
of the quarter, up 21% from the previous year, buoyed by recent
contracts for combat vehicles for Spain and software for the
U.S.
Write to Dieter Holger at dieter.holger@wsj.com;
@dieterholger
(END) Dow Jones Newswires
October 28, 2020 07:31 ET (11:31 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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