Defense contractor General Dynamics (GD) - Get General Dynamics Corporation (GD) Report was climbing more than 2% in trading Wednesday after the defense company reported first-quarter results that topped analysts' expectations.
The Falls Church, Virginia-based company reported first-quarter earnings of $745 million, or $2.56 per share on an adjusted basis, on revenue of $9.26 billion. A year ago, the company reported a profit of $799 million, or $2.65 per share.
Analysts were expecting the company to report revenue of $8.89 billion and earnings of $2.38 per share.
"The solid sales gains and strong bookings reflect the market-leading performance we expect of our operating units," said Phebe Novakovic, chairman and chief executive officer. "We are pleased with our robust backlog and remain relentlessly focused on improving operating performance."
General Dynamics is the third defense contractor to report results this week after Lockheed Martin (LMT) - Get Lockheed Martin Corporation (LMT) Reporttopped expectations and raised its outlook Tuesday and Northrop Grumman (NOC) - Get Northrop Grumman Corporation Report also topped expectations.