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General Dynamics revenues miss as profit rises on jet demand

Thursday, July 28, 2022
General Dynamics revenues miss as profit rises on jet demand © Reuters. FILE PHOTO: A Gulfstream logo is pictured during the European Business Aviation Convention & Exhibition (EBACE) at Geneva Airport, Switzerland May 28, 2018. REUTERS/Denis Balibouse/File Photo

By Aishwarya Nair and Mike Stone

(Reuters) -Gulfstream jet maker General Dynamics Corp (NYSE:GD) on Wednesday posted a 3.9% rise in second-quarter profit as business jet demand remained strong, but revenues missed forecasts as supply chain problems continued to hamper the defense industry.

Shares were down 1.8% in pre-market trading after the Reston, Virginia-based company posted quarterly revenue of $9.2 billion, a 0.3% drop over last year, missing Wall Street's $9.4 billion estimate.

But business jet demand in the quarter remained robust as wealthier passengers opted for charter planes to avoid flight cancellations from regular carriers.

The company delivered 22 Gulfstream business jets, compared with 21 jets a year earlier, showing some signs of supply chain recovery for that segment of the business.

Sales in its aerospace unit rose to $1.86 billion from $1.62 billion a year earlier, while overall revenue fell to $9.19 billion from $9.22 billion.

General Dynamics' Combat Systems business unit which makes tanks, saw its revenue fall 12% compared to the same period a year ago.

Net earnings rose to $766 million, or $2.75 per share, in the second quarter, from $737 million or $2.61 per share, a year earlier.

Revenues at weapons makers are expected to increase in the coming years as military spending globally spurred by the conflict in Ukraine hits the bottom line.

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