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 year-ago period.

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 FactSet.

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 systems.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

July 29, 2020 07:55 ET (11:55 GMT)

General Dynamics (NYSE:GD)
Historical Stock Chart
From Aug 2024 to Sep 2024