NORTH KINGSTOWN – General Dynamics Corp. logged a $730 million profit in the first quarter of 2023, remaining level year over year, the aerospace and defense company said Wednesday.
Earnings per diluted share were $2.64 for the quarter, a 1.1% increase from $2.61 one year prior.
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The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.56 per share.
Quarterly revenue was $9.8 billion, 5.2% more than the $9.4 billion reported in the first quarter of 2022. The quarterly revenue results also exceeded Street forecasts. Five analysts surveyed by Zacks expected $9.32 billion.
“Our businesses delivered solid operating results despite persistent supply chain headwinds, with earnings before taxes up 3.7% and EPS up modestly,” General Dynamics CEO and Chairman Phebe N. Novakovic said. “Strong cash flow positions us to continue to invest in our business, retire debt and return value to shareholders.”
The Aerospace backlog grew $697 million in the quarter to $20.1 billion, up 3.2%.
- The company’s Marine Systems segment, which includes General Dynamics Electric Boat that has a significant operation in North Kingstown, reported $2.9 billion in revenue for the quarter, a 12.9% increase year over year. Segment profit was $211 million, staying level year over year.
- The company’s Aerospace segment reported $1.8 billion in revenue for the quarter, a 0.6% decrease year over year. Segment profit decreased 5.8% year over year to $229 million.
- Combat-systems segment revenue increased 4.8% year over year to $1.7 billion. Segment profit increased 7.9% year over year to $245 million.
- Technologies segment revenue increased 2.5% year over year to $3.2 billion. Segment profit increased 0.3% year over year to $299 million.
