By Will Feuer

 

General Dynamics reported higher sales for the fourth quarter, powered by strong demand for the company's aerospace unit and its marine systems business, which makes nuclear-powered submarines.

The aerospace and defense company reported a profit of $1.01 billion, or $3.64 a share, up from $992 million, or $3.58 a share, in the same period a year earlier. Analysts surveyed by FactSet expected $3.68 a share.

Revenue rose nearly 8% to $11.67 billion. Analysts expected $11.39 billion.

Sales jumped nearly 15% in the company's marine-systems unit and 12% in the aerospace division. Combat-systems sales rose almost 9%.

Chief Executive Phebe Novakovic said the company's aerospace unit is well-positioned to see a surge in deliveries once the Federal Aviation Administration certifies the Gulfstream G700

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

January 24, 2024 07:29 ET (12:29 GMT)

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