S&P 500 (NYSE:SPY) component General Dynamics Corporation (NYSE:GD) reported its results for the first quarter. General Dynamics Corp. offers products and services in business aviation, combat vehicles, weapons systems and munitions as well as information systems, technologies and services.
General Dynamics Earnings Cheat Sheet for the First Quarter
Results: Net income for the aerospace/defense products and services company rose to $618 million ($1.64/share) vs. $597 million ($1.53/share) in the same quarter a year earlier. A rise of 3.5% from the year earlier quarter.
Revenue: Rose 0.6% to $7.8 billion YoY.
Actual vs. Wall St. Expectations: GD beat the mean analyst estimate of $1.61/share. Estimates ranged from $1.54 per share to $1.73 per share.
Quoting Management: “General Dynamics’ first-quarter performance reflects the stability and relevance of our defense programs and continuing demand for our global business-aviation products and services,” said Jay L. Johnson, chairman and chief executive officer. “By remaining focused on execution and leveraging the strength of our diverse portfolio, we delivered a solid first-quarter and remain on track for another strong year.”
Key Stats: The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 18.7% and in the third quarter of the last fiscal year, the figure rose 13.6%.
Competitors to Watch: Northrop Grumman Corp. (NYSE:NOC), Raytheon Company (NYSE:RTN), The Boeing Company (NYSE:BA), Lockheed Martin Corp. (NYSE:LMT), ITT Corporation (NYSE:ITT), FLIR Systems, Inc. (NASDAQ:FLIR), Rockwell Collins, Inc. (NYSE:COL), Alliant Techsystems Inc. (NYSE:ATK), Cubic Corporation (NYSE:CUB), and Kratos Defense & Security Solutions, Inc (NASDAQ:KTOS).
Today’s Performance: Shares of GD are trading at $72.80 as of April 27, 2011 at 10:26 AM ET, up from the previous close.