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General Dynamics 3Q Earnings, Revenue Above Wall Street Estimates; Phebe Novakovic on Acquisition Prospects

general dynamics logoGeneral Dynamics (NYSE: GD) — one of 30 companies listed on Executive Mosaic’s GovCon Index — has reported third quarter earnings of $2.28 per share, a figure 15 cents above Wall Street analyst forecasts and 23 cents higher than the prior year period.

Third quarter profit rose 5.31 percent from the same period last year to $733 million and total revenue climbed 3.1 percent year-over-year to $7.99 billion.

Wall Street analysts expected the ship and tank maker to report approximately $7.84 billion in revenue.

General Dynamics chairman and CEO Phebe Novakovic told investors in a subsequent call the company has raised its full-year earnings guidance to between $8.90 and $9.00 from the prior $8.70-to-$8.80 range.

Novakovic also said the company has seen “nothing of particular note” with regard to acquisitions and is not actively looking at them at the present time.

The company did not offer guidance on revenue in the earnings release nor the call with investors.

Sales in the company’s aerospace segment that makes the Gulfstream plane rose 2.18 percent year-over-year and marine systems revenue climbed 14.8 percent, while revenue in combat systems fell 3.6 percent and information systems and technology declined 1.78 percent.

The company also reported a total backlog of $74.43 billion as of Sept. 30 with $54.53 billion funded and $19.9 billion unfunded.

Shares in General Dynamics have risen 7.83 percent from the year’s start and are up 11.5 percent over 12 months.

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