Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Indexes
  3. United States
  4. USA
  5. S&P 500
  6. News
  7. Summary
    SP500   US78378X1072

S&P 500

(SP500)
SummaryQuotesChartsNewsHeatmapComponents 
SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

General Dynamics profit beats on higher sales, raises guidance

07/28/2021 | 10:35am EDT
FILE PHOTO: FILE PHOTO: General Dynamics NASSCO ship yard entrance is shown in San Diego, California

(Reuters) -General Dynamics Corp beat Wall Street estimates for quarterly profit on Wednesday as the defense contractor benefited from higher sales in its combat systems and technologies divisions.

Its shares rose 2.9% in early trading before settling back down.

The second-quarter earnings report comes a year after the global pandemic first hit the aerospace and defense industry supply chain, causing shutdowns, shortages and months of delays that continue to affect the unit that makes Gulfstream business jets.

Gulfstream delivered 21 jets versus 32 a year ago, but the company said it saw "very strong" customer demand as the pandemic continues and plans to deliver 71 more jets by year end. Company revenue fell marginally to $9.22 billion, below analyst estimates of $9.30 billion as revenue in the aerospace unit was down 17.8% from the same period a year ago.

The company raised its full-year earnings per share guidance by $0.45 to $0.50 cents to about $11.50.

Fresh support for the defense side of the business came last week when the U.S. Senate's Armed Services Committee rolled out a draft of its 2022 defense budget that boosted spending by $25 billion, potentially benefiting defense companies including General Dynamics, and signaling defense spending could rise under President Joe Biden.

The panel wanted more spending on ships that could add to General Dynamics' backlog - which at the end of the second quarter stood at $89.2 billion, the company said.

Sales in the company's combat systems unit, which makes battle tanks, rose 8.3% to $1.90 billion, while the technologies unit, which provides IT and mission-support services, saw an increase of 3.2% in sales to $3.16 billion.

Net earnings rose to $737 million, or $2.61 per share, in the quarter ended July 4, from $625 million, or $2.18 per share, a year earlier.

Analysts on average expected the company to earn $2.55 per share, according to Refinitiv data.

(Reporting by Sanjana Shivdas in Bengaluru Editing by Steve Orlofsky and Mark Potter)

By Sanjana Shivdas and Mike Stone


ę Reuters 2021
All news about S&P 500
09/21NEWS HIGHLIGHTS : Top Company News of the Day
DJ
09/21U.S. MARKET BETTER ABLE TO ABSORB PO : SEC chair
RE
09/21Wall Street ends near flat on cautious note ahead of Fed
RE
09/21U.S. corporate bonds perk up after stock selloff
RE
09/21ESG Investing on Pace for Banner Year Amid Soaring Inflows as US Funds Buy Energy Stock..
MT
09/21Industrials Sink as Concerns About Economic Recovery Persist -- Industrials Roundup
DJ
09/21U.S. Crude-Oil Inventories Likely to Fall in DOE Data, Analysts Say -- Update
DJ
09/21CHINA EVERGRANDE : Stocks steady as markets calm after Evergrande-led slide
RE
09/21US Stocks Waver Tuesday as Two-Day Fed Policy Meeting Kicks Off, Evergrande Debt Paymen..
MT
09/21US Stocks Waver Tuesday as Two-Day Fed Policy Meeting Kicks Off, Markets Anticipate Eve..
MT
More news
Chart S&P 500
Duration : Period :
S&P 500 Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends S&P 500
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Top / Flop S&P 500
CONOCOPHILLIPS 59.33 Delayed Quote.3.96%
AUTOZONE, INC. 1643.07 Delayed Quote.3.65%
TWITTER, INC. 62.78 Delayed Quote.3.00%
US BANCORP 57.1 Delayed Quote.2.55%
OLD DOMINION FREIGHT LINE, INC. 298.2 Delayed Quote.2.30%
CARRIER GLOBAL CORPORATION 51.69 Delayed Quote.-3.96%
WYNN RESORTS, LIMITED 78.77 Delayed Quote.-4.07%
ACTIVISION BLIZZARD, INC. 73.03 Delayed Quote.-4.13%
WALT DISNEY COMPANY (THE) 171.17 Delayed Quote.-4.17%
LAS VEGAS SANDS CORP. 35.59 Delayed Quote.-5.57%
Heatmap :