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General Dynamics profit, revenue down

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Falls Church-based General Dynamics Corp. reported a 2.8 percent drop in revenue for its first quarter as sales fell in its largest business segments.

The defense contractor reported first-quarter revenues of $7.6 billion, compared with $7.8 billion during the first quarter of 2011.

Profit was down 8.7 percent to $564 million for the quarter, or $1.58 per diluted share, from $618 million, or $1.66 per diluted share, during the same period the prior year.

“General Dynamics’ first-quarter performance reflects continued growth in our Aerospace segment as well as the challenges presented by today’s dynamic U.S. federal procurement environment,” Chairman and CEO Jay Johnson said in a statement. “We are continuing to see slower-than-anticipated award activity, particularly relating to our [Information Systems and Technology] programs with validated requirements and approved funding.”

Sales were down 13.3 percent in its Information Systems and Technology division — the company’s largest segment — down 4.2 percent in its Marine Systems segment and down 2.3 percent in Combat Systems. Its Aerospace segment showed sales increasing 20 percent during the quarter.

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