General Dynamics Corp. sees profit fall to $744M in Q2

GENERAL DYNAMICS Corp. logged a $744 million profit in the second quarter of 2023, a 2.9% decrease year over year, the aerospace and defense company said Wednesday.  / COURTESY GENERAL DYNAMICS ELECTRIC BOAT
GENERAL DYNAMICS Corp. logged a $744 million profit in the second quarter of 2023, a 2.9% decrease year over year, the aerospace and defense company said Wednesday.  / COURTESY GENERAL DYNAMICS ELECTRIC BOAT

NORTH KINGSTOWN – General Dynamics Corp., the parent company of General Dynamics Electric Boat, posted a $744 million profit in the second quarter of 2023, a 2.9% decrease year over year, the aerospace and defense company said on Wednesday. 

Earnings per diluted share were $2.72 for the quarter, compared with $2.77 one year prior. 

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.59 per share. 

Quarterly revenue was $10.15 billion, a 10% increase year over year, which also beat Wall Street forecasts. Six analysts surveyed by Zacks expected $9.41 billion. 

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“Our businesses demonstrated solid momentum despite continued supply chain headwinds in several units, achieving the highest-ever revenue for a midyear quarter, record-high backlog and very strong cash flow,” said Phebe N. Novakovic, CEO and chairman of General Dynamics Corp., which is based in Reston, Va. “We are well positioned to continue to perform for the remainder of the year.” 

The aerospace backlog grew $591 million in the quarter to $19.3 billion, up 3.2%. 

  • The company’s marine systems segment includes General Dynamics Electric Boat, which has a significant operation in North Kingstown. The companywide segment reported $6 billion in revenue for the quarter, a 14.1% increase year over year. Segment profit was $446 million, a 5.7% increase year over year.
  • The company’s aerospace segment reported $3.8 billion in revenue for the quarter, a 2% increase year over year. Segment profit fell 3.3% year over year to $465 million.
  • Combat-systems segment revenue increased 10% year over year to $3.6 billion. Segment profit went up 5.1% year over year to $496 million.

Material from The Associated Press was used in this report.

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