Business

October 24, 2012

General Dynamics third quarter profit falls on higher costs

General Dynamics said Oct. 24 that its third-quarter net income fell 8 percent, as higher costs more than offset a modest revenue increase.

The Falls Church, Va., aerospace and defense company earned $600 million, or $1.70 per share, down from $652 million, or $1.80 per share, in the same quarter last year. Revenue edged up 1 percent to $7.93 billion.

The results fell short of Wall Street predictions. Analysts, on average, expected profit of $1.78 per share on $8.03 billion in revenue, according to FactSet.

The company said earnings were hurt by $25 million in costs related to the revaluation of part of its computer inventory.

But demand for aerospace products was strong, with General Dynamics receiving orders for every type of Gulfstream aircraft.

Revenue at the company’s aerospace business jumped 30 percent to $1.84 billion, while combat systems revenue dropped 9 percent to $1.96 billion and information systems and technology revenue fell 8 percent to $2.47 billion. AP

 




All of this week's top headlines to your email every Friday.


 
 

 
Air Force photograph by Rick Goodfriend

B61 undergoes testing in AEDC wind tunnel

Air Force photograph by Rick Goodfriend Arnold Engineering Development Complex engineers recently joined researchers with Sandia National Laboratories to perform a wind tunnel test on a full-scale mock-up B61. Pictured with the...
 
 

Ingalls Shipbuilding awarded $23.5 million LHA 8 affordability contract

Huntington Ingalls Industries’ Ingalls Shipbuilding division has been awarded an affordability design contract for $23.5 million for early industry involvement to reduce the construction and life-cycle cost for the amphibious assault ship LHA 8. “Ingalls Shipbuilding has been constructing large-deck amphibious ships for nearly 50 years, and this contract will build on our company...
 
 

Lockheed Martin on team to provide ISS mission planning support

As part of an SGT, Inc.-led team, Lockheed Martin will provide mission and flight crew operations support to NASA for the International Space Station and future human space exploration. These support services within the Integrated Mission Operations Contract II are critical to the safe operation of all NASA human spaceflight missions. Under IMOC II, Lockheed...
 

 
boeing-israel

Boeing, Jordache’s MG Aviation finalize order for two 787-9 Dreamliners

Boeing and MG Aviation Limited July 16 finalized an order for two additional 787-9 Dreamliners, valued at $499 million at current list prices. The order will support the leasing company’s growing fleet of modern airplanes...
 
 

ASL Aviation Group to procure LM-100J freighters

ASL Aviation Group signed a Letter of Intent with Lockheed Martin to order up to 10 LM-100J commercial freighters during a ceremony in Farnborough, England, July 16. The LM-100J is the civil-certified version of Lockheed Martin’s proven C-130J Super Hercules and is an updated version of the L-100 (or L-382) cargo aircraft. Safair — an...
 
 

ATK, Alenia Aermacchi complete testing on Italian Air Force C-27J

ATK has announced that the ATK and Finmeccanica-Alenia Aermacchi have successfully completed the first phase of ground and flight testing of the fully configured multi-mission MC-27J tactical transport aircraft with the support of the Italian Air Force. The series of tests exceeded all test objectives and demonstrated the accuracy of ATK’s side-mounted GAU-23 30mm cannon....
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>