General Dynamics (GD) Wednesday reported 25% jump in fourth-quarter revenue to $10.4 billion, driven by the Aerospace and Information Technology segments. Earnings for the quarter rose to $3.07 per share from $2.10 per share a year ago.
The results came in above the estimates set by analysts, who had projected earnings of $2.98 per share on a top line of $10.29 billion.
GD shares closed its last trading session up 2.2% on Tuesday. The stock has declined 21% in the past 52 weeks.
Notably, the Information Technology segment almost doubled in revenue to $2.4 billion during the quarter, driven by the purchase of CSRA, which was integrated into the unit in April 2018. Since then, CSRA has won several high-value deals including government contracts. The Aerospace division, meanwhile, grew 36.4%.
CEO Phebe Novakovic said, “Our Aerospace segment successfully managed through a new model transition while achieving good order intake. Our defense businesses had strong operating performance and continued to book significant new business.”
The Falls Church, Virginia-based defense contractor said its total backlog at the end of 2018 was $67.9 billion, up 7.4%. The estimated potential contract value was estimated as $35.5 billion, up 43.2% from last year.
Competitor Lockheed Martin (LMT) on Tuesday reported quarterly earnings that fell short of estimates, following which, shares fell 2.4%. Northrop Grumman (NOC) is scheduled to report results on Thursday, January 31.
For technology stocks, 2022 has been a challenging year, with companies losing significant market value amid prolonged stock selloff. In that respect, Salesforce, Inc. (NYSE: CRM) is among the worst-affected
Shares of Macy’s Inc. (NYSE: M) were down on Thursday. The stock has gained 36% over the past three months and 18% over the past one month. The company’s sales
Department store chain The Kroger Co. (NYSE: KR) on Thursday said its third-quarter sales and adjusted earnings increased year-over-year. The latest numbers also exceeded the market's expectations. Net earnings attributable to