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Weakness At IT, Combat Systems Divisions, Drive GD’s Income Down

Defense Daily Staff Defense Daily Staff
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General Dynamics [GD] yesterday posted lower earnings amid a thin increase in sales in its third quarter driven by lower operating profits in its information technology (IT) and Combat Systems divisions. Net income fell 8 percent to $600 million, $1.70 earnings per share (EPS), from $652 million ($1.80 EPS), missing consensus estimates by eight cents. Operating margins were 11.4 percent versus 12.7 percent a year ago. Sales edged up a percent to just over $7.9 billion from just under $7.9…

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