NORTH KINGSTOWN – General Dynamics Corp. logged a $706 million profit in the first quarter, a 5.4% decline year over year, the company said on Wednesday.
Earnings per diluted share were $2.43 for the quarter, compared with $2.56 one year prior.
Quarterly revenue was $8.7 billion, a 5.5% decline year over year.
“Since the onset of the COVID-19 crisis, we have supported our government customers and implemented multiple safety measures to keep our people as safe as possible,” said Phebe N. Novakovic, chairman and CEO. “We are responding to the COVID travel restrictions’ impact on Gulfstream and are managing our costs throughout our business.”
The company noted that due to the pandemic, it had delayed deliveries of business jet-aircraft on account of travel restrictions.
- The company’s Marine Systems segment, which includes General Dynamics Electric Boat that has a significant operation in North Kingstown, reported $2.2 billion in revenue for the quarter, a 9.1% increase year over year. Segment profit was $184 million, a 2.2% increase year over year.
- The company’s aerospace segment reported $1.7 billion in revenue for the quarter, a 24.5% decline year over year. Segment profit declined 26.8% year over year to $240 million.
- Combat-systems segment revenue increased 4.4% year over year to $1.7 billion. Segment profit increased 8.3% year over year to $223 million.
- Information technology segment revenue declined 8.3% year over year to $2 billion. Segment profit declined 3.8% year over year to $150 million.
- Mission systems revenue declined 3.6% to $1.1 billion while profit remained level at $148 million.
