General Dynamics misses Q1 profit on lack of G700 deliveries, higher costs [Reuters]
General Dynamics Corporation (GD)
Last general dynamics corporation earnings: 4/29 07:00 am
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Source: Reuters
while facing sustained supply chain challenges and higher input costs, sending its shares down 1.3% in pre-market trading. The Reston, Virginia-based company expects a surge in deliveries following the Federal Aviation Administration's business jet - which occurred just days before the quarter's end on March 31. "We received FAA certification for the G700 at the very end of the quarter, too late to make any G700 deliveries. This obviously impacted revenue and earnings in the aerospace group in the quarter," CEO Phebe Novakovic said on a post earnings conference call. In total 24 business jets were delivered in the quarter versus 21 for the same period last year. While the Russia-Ukraine war and conflict in the Middle East have boosted orders for U.S. defense firms, they are still facing cost pressures associated with labor and supply chains. Report this ad The U.S. defense contractor, which also makes ships, tanks and ordinance, reported first-quarter profit of $2.88 per s
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GD
Earnings
- 4/24/24 - Miss
GD
Sec Filings
- 5/7/24 - Form 4
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- GD's page on the SEC website