Key Takeaways
- General Dynamics reported 18% year-over-year revenue growth and EPS growth of over 20%.
- Revenue of $11.98 billion beat analysts’ estimates but earnings per share (EPS) of $3.26 came up just shy of expectations.
- The company’s Gulfstream division delivered 37 aircraft in the quarter, up from 24 in the year-ago quarter.
General Dynamics (GD) reported second-quarter results Wednesday that revealed a sizable revenue bump driven by increased aircraft deliveries.
The aerospace and defense contractor posted revenue of $11.98 billion, up 18% year-over-year and above analysts’ expectations of $11.49 billion, per Visible Alpha. Earnings per share (EPS) rose more than 20% to $3.26, just below the consensus estimate of $3.27.
‘Increased Demand in Response To the Threat Environment’
“In the Aerospace segment, we are continuing to ramp up the pace of our G700 deliveries and our defense businesses continued to grow, reflecting increased demand in response to the threat environment,” Chief Executive Officer (CEO) Phebe Novakovic said.
General Dynamics’ Gulfstream division delivered 37 aircraft in the period, 31 of which were large-cabin vessels. That was up from 24 aircraft a year earlier, 18 of which were large-cabin.
Shares of the company slid more than 4% to $282.03 as of 12:40 p.m. ET Wednesday but are up more than 8% for the year.