PROVIDENCE – General Dynamics Corp. logged a $902 million profit in the third quarter of 2022, a 4.8% increase year over year, the aerospace and defense company said on Wednesday.
Earnings per diluted share were $3.26 for the quarter, compared with $3.07 one year prior.
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The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $3.16 per share.
General Dynamics, which operates the subsidiary General Dynamics Electric Boat and has submarine-building facilities in North Kingstown, posted revenue of $9.98 billion in the period, which also topped Wall Street forecasts. Five analysts surveyed by Zacks expected $9.92 billion.
The aerospace backlog grew from $300 million in the quarter to $19.1 billion, up 1.4%.
- The company’s marine systems segment includes General Dynamics Electric Boat. Revenue from nuclear-powered submarine construction for the third quarter was $1.79 billion, up 2.5% from the same period a year ago.
- The entire marine systems segment reported $2.7 billion in revenue for the quarter, a 5% increase year over year. Segment profit was $238 million, a 3.9% increase year over year.
- The company’s aerospace segment reported $2.3 billion in revenue for the quarter, a 13.6% increase year over year. Segment profit increased 19.1% year over year to $312 million.
- Combat-systems segment revenue increased 2.5% year over year to $1.7 billion. Segment profit declined 1.8% year over year to $271 million.
(Material from the Associated Press was used in this report)
