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.


 
 

 

Boeing announces SF Airlines order for Boeing converted freighters

Boeing announced Oct. 23 that SF Airlines has placed an order for an undisclosed number of 767-300ER passenger-to-freighter conversions (Boeing Converted Freighters). SF Airlines, a subsidiary of Shenzhen, China-based delivery services company SF Express, will accept its first redelivered 767 in the second half of 2015. “SF Express aims to become China’s most respected and...
 
 
LM-C130

Another Super Herc Little Rock Rollin’

  Lockheed Martin delivered another C-130J Super Hercules to the 61st Airlift Squadron at Little Rock Air Force Base, Ark., Oct. 23. Little Rock AFB’s new C-130J was ferried from the Lockheed Martin Aeronautics facility ...
 
 

United Technologies beats third quarter profit expectations

United Technologies Corp. Oct. 23 reported third-quarter profit of $1.85 billion as sales increased across all its businesses and the aerospace giant reported favorable tax settlements. The Hartford, Conn.,-based company said it had profit of $2.04 per share and earnings, adjusted for non-recurring gains, came to $1.82 per share. The results topped Wall Street expectations,...
 

 

Raytheon SM-6s intercept targets in ‘engage on remote’ tests

During the U.S. Navy’s Combat Ship System Qualification Trials, the USS Chancellorsville (CG 62) tested two Raytheon Standard Missile-6 interceptors against anti-ship and cruise missile targets. As part of ‘engage on remote’ scenarios, the ship launched the SM-6 interceptors prior to its own radars ‘seeing’ the incoming threats, using targeting information from ano...
 
 

General Dynamics receives $19 million contract for submarine planning services

The U.S. Navy has awarded General Dynamics Electric Boat an $18.9 million contract modification to perform reactor-plant planning yard services for nuclear submarines and support-yard services for moored training ships. Electric Boat is a wholly owned subsidiary of General Dynamics. Initially awarded in November 2011, the contract has a potential value of $121.2 million through...
 
 

Passenger jets push Boeing’s profit up 18 percent

Robust demand for commercial jets and an increased pace of production helped Boeing earn $1.36 billion in the third quarter, up 18 percent from the same period last year. On a per-share basis, the Chicago-based company said it had a profit of $1.86. Adjusted for non-operating costs, earnings came to $2.14 per share, better than...
 




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>