General Dynamics (NYSE: GD) - 500 Beiträge pro Seite

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GD supplies sophisticated defense systems to the U.S. and its allies. GD operates in the Combat Systems, Marine Systems, Inform Sys. & Tech., & Aerospace Segments. For the 6 months ended 7/1/01, revenues rose 9% to $5.64B. Net income rose 20% to $467M. Revenues reflect additional sales due to the acquisition of Ordance and Tactical Systems and higher marine systems segment sales. Earnings also benefitted from improved efficiencies. http://www.gendyn.com/

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Dow Jones Business News
Charge Weighed Down General Dynamics` 4th-Quarter Profit
Wednesday January 22, 10:04 am ET


FALLS CHURCH, Va. -- Fourth quarter net income slid 36% at General Dynamics Corp. (NYSE:GD - News) as the defense contractor took a charge to exit its undersea fiber optic cable business. Earnings from continuing operations rose 7.2%, but missed Wall Street forecasts.
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General Dynamics, Falls Church, Va., Wednesday reported net of $157 million, or 78 cents a share, compared to $246 million, or $1.21 a share, a year earlier.

Stripping out a $112 million charge to leave the fiber- optic business, but including a $36 million pretax gain from asset sales from its munitions business, the company said earnings would have been $269 million, or $1.33 a share, compared to $251 million, or $1.23 a share, a year earlier.

Analysts polled by Thomson First Call were expected the company to earn $1.44 a share in the latest quarter.

Sales increased 13% to $3.94 billion from $3.48 billion.

Operating earnings from the combat systems unit jumped 41% to $107 million, and were up 20% to $107 million at the information systems and technology division. However, operating profit from the aerospace division, which includes Gulfstream jets, tumbled 67% to $53 million.

General Dynamics said its order backlog totaled about $30 billion as of Dec. 31, a rise of 8% from a year earlier.

The company also said its purchase of General Motors Corp.`s (GM) defense unit should close within the next two months. Last month General Dynamics agreed to buy the business -- which makes armored vehicles -- for $1.1 billion.

For the year, General Dynamics` net income slipped 2.8% to $917 million, or $ 4.52 a share, from $943 million, or $4.65 a share. Sales, however, rose 15% to $ 13.83 billion from $12.05 billion.

"Looking ahead in 2003, we anticipate solid performance from our defense businesses -- and we`ll continue to manage our business aviation group cautiously to respond to an uncertain market," Nicholas D. Chabraja, General Dynamics chairman and chief executive, said in a statement Wednesday.

- Paul Welitzkin; Dow Jones Newswires; 609-520-7260 and Kathy Chu; Dow Jones Newswires; 201-938-5392;