General Dynamics Says 4Q Profit Rises 12%

By Micah Maidenberg

Profit at General Dynamics Corp. (GD) increased 12% in the fourth quarter, as the defense contractor and jet maker saw gains in its combat-system business and marine-systems unit.

The company on Wednesday reported net income of $1.02 billion, or $3.51 a share, up from $909 million, or $3.07 a share, in the fourth quarter of 2018.

Sales rose about 4% from the year earlier to $10.77 billion. Analysts expected $10.65 billion in sales.

General Dynamics said sales from its combat systems segment, which develops vehicles, weapons systems and munitions for governments, rose 13% from the year earlier. The marine business, which creates products like nuclear-powered submarines, saw sales increase about 12%.

But sales in the company's information technology unit fell 15%, General Dynamics said.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

January 29, 2020 08:10 ET (13:10 GMT)

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