NORTH KINGSTOWN – General Dynamics Corp. logged a $730 million profit in the first quarter of 2022, a 3.1% increase year over year, the aerospace and defense company said on Wednesday.
Earnings per diluted share were $2.61 for the quarter, compared with $2.48 one year prior.
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The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.49 per share.
Quarterly revenue was $9.4 billion, remaining level year over year.
“Aerospace backlog grew for the fifth consecutive quarter, driven by continued strong Gulfstream demand, while operating discipline and growth in aviation services increased the group’s margins,” Phebe N. Novakovic, chairman and CEO, said in a statement. “Our defense segments delivered solid performance on key programs across the portfolios.”
The Aerospace backlog grew $1.3 billion in the quarter to $17.6 billion, up 8.1%.
- The company’s Marine Systems segment, which includes General Dynamics Electric Boat that has a significant operation in North Kingstown, reported $2.7 billion in revenue for the quarter, a 6.8% increase year over year. Segment profit was $211 million, a 5.5% increase year over year.
- The company’s Aerospace segment reported $1.9 billion in revenue for the quarter, a 0.8% increase year over year. Segment profit increased 10.5% year over year to $243 million.
- Combat-systems segment revenue declined 8% year over year to $1.7 billion. Segment profit declined 7% year over year to $227 million.
- Technologies segment revenue declined 1.1% year over year to $3.2 billion. Segment profit declined 2.6% year over year to $298 million.
Material from the Associated Press was used in this report.
