General Dynamics 1Q Profit Improves as Sales Grow Across Segments
April 28 2021 - 07:57AM
Dow Jones News
By Matt Grossman
General Dynamics Corp. recorded higher first-quarter revenue
across all four of its business segments, boosting its profit in
the first three months of 2021.
The Reston, Va.-based aerospace and defense company posted
earnings of $2.48 a share, up from $2.43 a share in last year's
first quarter. Analysts were expecting a profit of $2.30 a share,
according to FactSet.
Total net earnings were $708 million, compared with $706 million
a year earlier.
Revenue rose to $9.39 billion, from $8.75 billion in the
year-ago quarter. Analysts had expected revenue of $8.89
billion.
Aerospace revenue climbed 12% to $1.89 billion, while
marine-systems revenue rose by 11% to $2.48 billion. Combat-systems
revenue improved by 6.6% to $1.82 billion. Technologies revenue
rose by 3.1% to $3.2 billion.
General Dynamics' operating margin decreased slightly to 10%,
from 11% a year earlier. The company finished the first quarter
with a total backlog of $89.6 million, a 4.5% increase compared
with the end of 2020's first quarter.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
April 28, 2021 07:42 ET (11:42 GMT)
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