General Dynamics Reports 2Q Profit as Aircraft Deliveries Pick Up
By Matt Grossman
General Dynamics Corp. on Wednesday recorded second-quarter
revenue and earnings results that ticked above analysts'
expectations, as the company's aircraft deliveries edged higher
despite continued challenges from the coronavirus pandemic.
The Virginia-based company, which makes Gulfstream business jets
and combat systems, saw aircraft deliveries climb to 32, up from 23
in the first quarter. The pandemic has made international
deliveries challenging, General Dynamics said. Its backlog ended
the quarter at $82.7 billion, 22% higher than at the end of the
The company recorded net earnings of $625 million, or $2.18 a
share, compared with earnings of $806 million, or $2.80 a share, in
the same three-month period a year earlier.
Analysts had forecast earnings of $2.16 a share, according to
The company's second-quarter revenue was $9.26 billion, down 3%
from $9.56 billion in last year's second quarter. Analysts were
expecting revenue of $8.95 billion.
The quarter's significant orders included a contract to build
two Columbia-class submarines, which would be worth $11.5 billion
upon Congressional funding approval. General Dynamics also received
government contracts to upgrade armored vehicles, to produce
rockets and missile components and to upgrade military computing
Write to Matt Grossman at firstname.lastname@example.org
(END) Dow Jones Newswires
July 29, 2020 07:55 ET (11:55 GMT)
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