General Dynamics Releases 2nd Quarter Financial Results; Johnson Comments

General Dynamics (NYSE: GD) released its second quarter 2011 financial results on July 27.

The company reported its earnings from continuing operations increased 2.3 percent to $666 million, or $1.79 per diluted share, from $651 million, or $1.68 per diluted share, in the second quarter of 2010.

Net earnings rose to $653 million from $648 million over that period.

General Dynamics generated second quarter revenues of $7.9 billion, a 2.8 percent decrease year-over-year.

“The strength of General Dynamics’ diverse portfolio and our continued commitment to disciplined execution and efficient cash conversion is evident in our operating results this quarter, ” said Jay L. Johnson, chairman and CEO. “Based on the company’s year-to-date results and our outlook for the second half of the year, we now expect full-year 2011 earnings from continuing operations to be $7.15 to $7.20 per share, fully diluted.”

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