General Dynamics reports $834M profit in Q3

GENERAL DYNAMICS earned a profit of $834 million in the third quarter of 2020. / COURTESY GENERAL DYNAMICS ELECTRIC BOAT
GENERAL DYNAMICS earned a profit of $834 million in the third quarter of 2020. / COURTESY GENERAL DYNAMICS ELECTRIC BOAT

NORTH KINGSTOWN – General Dynamics Corp. earned a profit of $834 million in the third quarter, an 8.7% decline year over year, the company said on Wednesday.

Earnings per diluted share were $2.90, compared with $3.14 one year prior.

Revenue totaled $9.4 billion, a 3.4% decline from one year prior.

The company said that the largest driver of revenue decline year over year was the company’s aerospace segment, where revenue declined 20.8% year over year to $2 billion.

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The company’s marine systems segment was the largest offset of revenue decline year over year. The segment, which includes General Dynamics Electric Boat, had revenue of $2.4 billion for the quarter, a 7.6% increase year over year. Segment profit was $223 million, a 6.7% increase year over year.

“As we manage through this challenging time, we remain focused on the basics of operating performance, especially cash conversion and the early and aggressive management of costs, as evidenced this quarter by our strong operating margin and return on sales,” said Phebe N. Novakovic, chairman and CEO. “Moreover, we continue to reduce debt and invest in the company for future growth.”

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