General Dynamics 2Q net income edges up
General Dynamics posts slight increase in 2nd-qtr net income, beats Wall Street predictions
FALLS CHURCH, Va. (AP) -- General Dynamics Corp. said Wednesday that its second-quarter net income rose 1 percent, helped by lower costs.
The aerospace and defense company earned $640 million, or $1.81 per share, up from $634 million, or $1.77 per share, in the same quarter of 2012. Revenue was nearly unchanged at $7.92 billion.
Wall Street had expected declines. Analysts, on average, predicted a profit of $1.62 per share on $7.72 billion in revenue, according to FactSet.
Investors have been worried about the effect of federal budget cuts to defense spending on defense contractors.
General Dynamics' second-quarter sales of combat systems dropped 28 percent to $1.55 billion. But aerospace sales climbed 29 percent to $2.05 billion. Sales in the company's marine systems and information technology businesses also rose.
Shares of the Falls Church, Va., company were inactive in premarket trading Wednesday. They closed Tuesday at $84.03, up 21 percent this year.
