General Dynamics Beats View as Profit Rises 3%Weapons and aerospace company General Dynamics ( GD) said Tuesday that its first-quarter profit rose 3% from the year-ago period, as strong sales of military equipment helped offset a decline in its Gulfstream jet business. The Falls Church, Va.-based company reported fiscal first-quarter net income of $590 million, or $1.54 per share, up 3% from $572 million, or $1.43 per share, in the year-ago period. Revenue jumped 18% from the same quarter last year to $8.26 billion. These results beat Wall Street analyst estimates for earnings of $1.46 per share on revenue of $7.82 billion.
Business Segment First-Quarter Breakdown
- Profit jumped 33% to $163 million at GD's marine systems unit Combat systems unit profit rose 8% to $279 million Information technology earnings gained 11% to $289 million Gulfstream profit fell 15% to $200 million