Defense contractor General Dynamics profit surges 12%

FAN Editor

Profit at General Dynamics Corp. increased 12% in the fourth quarter, as the defense contractor and jet maker saw gains in its combat-system business and marine-systems unit.

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The company on Wednesday reported net income of $1.02 billion, or $3.51 a share, up from $909 million, or $3.07 a share, in the fourth quarter of 2018.

Ticker Security Last Change Change %
GD GENERAL DYNAMICS CORPORATION 180.70 -2.93 -1.60%
RTN RAYTHEON COMPANY 225.94 -1.68 -0.74%
LMT LOCKHEED MARTIN CORPORATION 432.50 -4.67 -1.07%
BA BOEING COMPANY 324.36 +7.80 +2.46%
UTX UNITED TECHNOLOGIES CORPORATION 152.24 -0.62 -0.41%

Sales rose about 4% from a year earlier to $10.77 billion. Analysts expected $10.65 billion in sales.

General Dynamics said sales from its combat systems segment, which develops vehicles, weapons systems and munitions for governments, rose 13% from a year earlier. The marine business, which creates products like nuclear-powered submarines, saw sales increase about 12%.

But sales in the company’s information technology unit fell 15%, General Dynamics said.

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