NORTH KINGSTOWN – General Dynamics Corp. logged a $766 million profit in the second quarter of 2022, a 3.9% increase year over year, the aerospace and defense company said on Wednesday.
Earnings per diluted share were $2.75 for the quarter, compared with $2.61 one year prior.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.72 per share.
Quarterly revenue was $9.2 billion, about even with a year ago but well short of Wall Street forecasts. Five analysts surveyed by Zacks expected $9.39 billion.
“Demand in the quarter was very strong in aerospace, with margins showing steady improvement yea rover year.” said Phebe N. Novakovic, chairman and CEO. “Our defense segments demonstrated solid operating performance and had several important wins.”
The aerospace backlog grew $1.1 billion in the quarter to $18.7 billion, up 8.1%.
• The company’s marine systems segment includes General Dynamics Electric Boat, which has a significant operation in North Kingstown. The companywide segment reported $5.3 billion in revenue for the quarter, a 5.6% increase year over year. Segment profit was $422 million, a 2.9% increase year over year.
• The company’s aerospace segment reported $3.7 billion in revenue for the quarter, a 7.4% increase year over year. Segment profit increased 15.9% year over year to $481 million.
• Combat-systems segment revenue declined 10.2% year over year to $3.3 billion. Segment profit declined 7.5% year over year to $472 million.
(The Associated Press contributed to this report.)
