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General Dynamics Tops Targets

The company's earnings and revenue beat analysts' estimates.
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General Dynamics

(GD) - Get Free Report

said third-quarter revenue rose 16% from a year ago, driven by solid gains in the company's information technology and combat systems offerings.

Revenue climbed to $5.38 billion from $4.65 billion in the year-ago quarter. The defense contractor, based in Falls Church, Va., earned $374 million, or $1.84 a share, compared with $322 million, or $1.60 a share, last year.

Sales in the company's IT division rose nearly 25% to $1.99 billion in the third quarter, and combat systems sales were up 20% to $1.24 billion.

Orders in the third quarter totaled $5.1 billion. The funded backlog at the end of the quarter was $29.3 billion, and General Dynamics had a total backlog of $43.4 billion.

Analysts surveyed by Thomson First Call were expecting earnings of $1.76 a share and revenue of $5.25 billion in the third quarter.