General Dynamics Quarterly Profit Rises By 5%

Reuters2022-10-26

Oct 26 (Reuters) - Gulfstream jet maker General Dynamics Corp on Wednesday reported an about 5% rise in its third-quarter profit, fueled by strong demand for chartered flights.

Demand for private flights, which boomed during the pandemic, remained strong in the quarter as wealthier passengers opted to fly private.

That sustained demand helped the Reston, Virginia-based defense contractor more than offset a blow from higher costs, continued supply chain constraints and labor shortages, which have impacted companies across various sectors.

The company delivered 35 Gulfstream business jets in the quarter, compared with 31 jets a year earlier. Its book-to-bill ratio was 1.15 times compared with 1.57 times a year ago.

Net earnings in the quarter ended Oct. 2 came in at $902 million or $3.26 per share, compared with $860 million or $3.07 per share a year earlier.

Sales in its aerospace unit rose to $2.35 billion from $2.07 billion a year earlier, while overall revenue rose to $9.98 billion from $9.57 billion.

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