General Dynamics reported higher profit and revenue in the third quarter, with performance improving across all of the company's lines of business.
The defense and aerospace contractor, which owns Gulfstream Aerospace and Electric Boat, said quarterly earnings rose compared with the prior-year period, driven by stronger demand for its submarine and jet aircraft programs.
Revenue climbed to $9.8 billion, up from $8.9 billion a year earlier, while net income reached $925 million, or $3.43 per share, compared with $821 million, or $3.05 per share, in the prior-year quarter.
Analysts had expected earnings of $3.25 per share on revenue of $9.4 billion, according to Refinitiv. General Dynamics also said it remains on track to meet its full-year guidance.
The company's performance reflects continued strength in defense spending and business jet markets, supporting its outlook for sustained growth through 2024.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing