Shares of General Dynamics (GD) rose 0.2% in afternoon trading Wednesday, after the aerospace and defense company reported first-quarter results that beat expectations (link), while the stocks of rivals General Electric Co. (GE) and Boeing Co. (BA) dropped more than 2%. General Dynamics' business segment with the biggest year-over-year revenue growth was Aerospace, which saw revenue rise 11.6% to $1.89 billion to beat expectations of $1.70 billion. Chief Executive Phebe Novakovic said on the post-earnings conference call with analysts that the segment's strength was "almost exclusively" a result of more deliveries of Gulfstream G500 and G600 civilian luxury aircraft, according to a FactSet transcript. In Boeing's first-quarter report released early Wednesday, the Commercial Airplanes segment saw the biggest revenue decline (link) at 31% to miss expectations. And for GE's first quarter, Aviation was the weakest segment (link) as revenue dropped 28% to miss expectations. General Dynamics stock has rallied 25.2% year to date, while the shares of Boeing have gained 10.0% and GE climbed 22.3% and the S&P 500 has advanced 11.4%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
04-28-21 1357ETCopyright (c) 2021 Dow Jones & Company, Inc.