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GD Lowers Earnings Guidance On Fewer Planned Business Jet Deliveries

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By Calvin Biesecker General Dynamics [GD] yesterday lowered its earnings guidance for the year based on a decision it made to cut back on planned aircraft production rates this year at its business jet division due to weakening demand. The new guidance is between $6 and $6.10 earnings per share (EPS) versus the previous forecast of between $6.70 and $6.75 EPS. GD said its business jet backlog is deteriorating but provided no specific details. The company will reduce production of…

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