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General Dynamics' Profit Dips

October 16, 2003|From Reuters

General Dynamics Corp., the defense contractor and maker of Gulfstream jets, said Wednesday that quarterly earnings dipped on weak business-jet margins but defense revenue was strong and results topped estimates.

General Dynamics, which makes nuclear submarines and tanks, reported net earnings of $262 million, or $1.32 a share, for the third quarter ended Sept. 28, compared with $268 million, or $1.32, a year earlier.

Earnings from continuing operations were $1.28 a share in the quarter, the Falls Church, Va.-based company said. Wall Street analysts' average earnings estimate was $1.24 a share, according to Reuters.

"All their military stuff is doing great; it is the commercial that is not," said JSA Research analyst Paul Nisbet.

Sales rose 35% to $4.4 billion in the quarter from a year earlier, boosted by acquisitions. Sales in the aerospace group, which includes Gulfstream jets, rose 9.3% to $808 million.

General Dynamics shares closed down 7 cents at $85 on the New York Stock Exchange.

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