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General Dynamics 1Q Profit Improves as Sales Grow Across Segments

By Matt Grossman

 

General Dynamics Corp. recorded higher first-quarter revenue across all four of its business segments, boosting its profit in the first three months of 2021.

The Reston, Va.-based aerospace and defense company posted earnings of $2.48 a share, up from $2.43 a share in last year's first quarter. Analysts were expecting a profit of $2.30 a share, according to FactSet.

Total net earnings were $708 million, compared with $706 million a year earlier.

Revenue rose to $9.39 billion, from $8.75 billion in the year-ago quarter. Analysts had expected revenue of $8.89 billion.

Aerospace revenue climbed 12% to $1.89 billion, while marine-systems revenue rose by 11% to $2.48 billion. Combat-systems revenue improved by 6.6% to $1.82 billion. Technologies revenue rose by 3.1% to $3.2 billion.

General Dynamics' operating margin decreased slightly to 10%, from 11% a year earlier. The company finished the first quarter with a total backlog of $89.6 million, a 4.5% increase compared with the end of 2020's first quarter.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

April 28, 2021 07:42 ET (11:42 GMT)

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