General Dynamics 1Q Sales Gain, Fueled by Marine-Systems Growth

Dow Jones04-29

General Dynamics recorded higher revenue in the first quarter, boosted by a jump in marine-systems sales.

Shares were up 7% to $335.25 in premarket trading.

The defense company on Wednesday posted a profit of $1.13 billion, or $4.10 a share, in the most recently ended quarter, compared with $994 million, or $3.66 a share, a year earlier.

Analysts polled by FactSet were expecting earnings of $3.70 a share.

Revenue rose 10% from a year earlier to $13.48 billion. Analysts surveyed by FactSet forecast revenue of $12.7 billion.

Sales in marine systems increased the most, rising 21% to $4.34 billion. Aerospace revenue increased 8.4%, while combat systems and technologies increased 4.9% and 4.2%, respectively.

Orders totaled $26.6 billion in the quarter. The total estimated contract value was $188.4 billion at the end of the quarter, including a backlog of $130.8 billion and estimated potential contract value of $57.6 billion.

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