General Dynamics Misses Q1 Profit on Higher Costs, Supply Challenges

Reuters04-24

April 24 (Reuters) - General Dynamics missed Wall Street estimates for first-quarter profit on Wednesday, as the company faced sustained supply chain challenges and higher input costs, sending its shares down 2.2% in premarket trading.

Though the Russia-Ukraine war and conflicts in the Middle East have boosted orders for U.S. defense firms, they continue to face cost pressures associated with labor and supply chain.

The U.S. defense contractor reported a first-quarter profit of $2.88 per share, below analysts' average expectations of $2.93 per share, according to LSEG data.

However, total revenue for the quarter ended March 31 rose 8.6% to $10.73 billion, above estimates of $10.32 billion.

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