Defense contractor General Dynamics profit surges 12%
Sales of $10.77B topped Wall Street expectations
Profit at General Dynamics Corp. increased 12 percent in the fourth quarter, as the defense contractor and jet maker saw gains in its combat-system business and marine-systems unit.
The company on Wednesday reported net income of $1.02 billion, or $3.51 a share, up from $909 million, or $3.07 a share, in the fourth quarter of 2018.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GD | GENERAL DYNAMICS CORP. | 288.14 | +0.78 | +0.27% |
| RTN | n.a. | n.a. | n.a. | n.a. |
| LMT | LOCKHEED MARTIN CORP. | 461.89 | -1.49 | -0.32% |
| BA | THE BOEING CO. | 179.79 | +0.94 | +0.53% |
| UTX | n.a. | n.a. | n.a. | n.a. |
Sales rose about 4 percent from a year earlier to $10.77 billion. Analysts expected $10.65 billion in sales.
General Dynamics said sales from its combat systems segment, which develops vehicles, weapons systems and munitions for governments, rose 13 percent from a year earlier. The marine business, which creates products like nuclear-powered submarines, saw sales increase about 12 percent.
But sales in the company's information technology unit fell 15 percent, General Dynamics said.