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Jan. 27, 2021, 7:16 a.m. EST

General Dynamics profit, revenue fall shy of expectations

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By Tomi Kilgore

General Dynamics Corp. /zigman2/quotes/208560027/composite GD +2.87% reported Wednesday fourth-quarter profit and revenue that fell short of expectations, as the aerospace and combat systems business missed sales forecasts, while operating margin improved. The stock edged up 0.1% premarket, after falling 1.9% on Tuesday. Net income slipped to $1.00 billion, or $3.49 a share, from $1.02 billion, or $3.51 a share, in the year-ago period. The FactSet consensus for net earnings per share was $3.54. Revenue declined 2.7% to $10.48 billion, missing the FactSet consensus of $10.78 billion. Aerospace revenue fell 16.9% to $2.44 billion to miss expectations of $2.69 billion; marine systems revenue grew 11.4% to $2.86 billion, above expectations of $2.69 billion; and combat systems revenue fell 0.6% to $1.96 billion, below forecasts of $2.03 billion. Technologies revenue declined 2.3% to $3.23 billion. Operating margin improved to 12.3% from 11.4%, as aerospace margin was up to 16.5% from 14.3%. The stock has rallied 11.5% over the past three months through Tuesday, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.85% has advanced 12.7%.

/zigman2/quotes/208560027/composite
US : U.S.: NYSE
$ 170.52
+4.75 +2.87%
Volume: 1.19M
March 5, 2021 4:00p
P/E Ratio
15.49
Dividend Yield
2.79%
Market Cap
$48.81 billion
Rev. per Employee
$376,614
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
31,496.30
+572.16 +1.85%
Volume: 505.35M
March 5, 2021 5:44p
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