General Dynamics’ earnings jump 25%

FALLS CHURCH, Va. – Defense contractor General Dynamics Corp. on Wednesday posted a 25 percent increase in first-quarter earnings, reflecting improved results in its aircraft division.

Quarterly income jumped to $336 million, or $1.66 per share, from $269 million, or $1.34 per share, in the year-ago period. Income from continuing operations amounted to $1.70 per share, topping the mean estimate of $1.53 per share from analysts polled by Thomson Financial.

Net sales increased 4 percent to $4.82 billion from $4.65 billion a year earlier, but missed analysts’ view for revenue of $4.93 billion.

Revenue from its aerospace division totaled $753 million, up 24 percent from $606 million last year, as information systems and technology revenue expanded by 7 percent to reach $1.75 billion.

Meanwhile, revenues from its marine systems division, which includes Bath Iron Works shipbuilder in Bath, Maine, was 6 percent lower at $1.21 billion. Sales of combat vehicles were $1.06 billion, a decrease of 1 percent from the year before.

General Dynamics raised its estimated full-year income from ongoing business to $6.95 per share from an earlier range of $6.63 to $6.75 per share.