General Dynamics increases revenue, profit
- October 27, 2010
Defense contractor General Dynamics increased its revenue nearly 4 percent in the third quarter to $8 billion.
This compares to $7.7 billion in the third quarter of 2009. Net income rose 13.6 percent to $650 million, or $1.70 per diluted share, from $572 million, or $1.48 per diluted share, last year.
General Dynamics increased its earnings guidance for the full year to between $6.70 per share and $6.75 per share.
“Margins remain strong across the corporation, and the quality of earnings was underscored by strong free cash flow,” General Dynamics Chairman and CEO Jay Johnson said in statement. “This solid operating performance reflects our continued focus on increasing efficiency, improving productivity and driving cost out of our businesses.”
Operating earnings rose in the company’s aerospace segment by 59.2 percent, its marine systems segment by 9 percent, and its information systems and technology segment by 3.4 percent. Operating earnings for the combat systems segment fell 1.6 percent.