General Dynamics 1Q profit up 16 percent |
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Wed, 25 Apr 2007 13:55
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FALLS CHURCH, Va. (AP) - Defense contractor General Dynamics Corp. on Wednesday said its first-quarter profit rose 16 percent on higher sales in its private jet, information technology and military vehicle units.The company reported net earnings of $434 million, or $1.06 per share, up from the $374 million, or 92 cents per share it earned in the year-ago quarter.Earnings from continuing operations, which excludes results such as the company's coal-mining business that is up for sale, were up 13.7 percent to $440 million, or $1.07 per share.Analysts polled by Thomson Financial, on average, expected a quarterly profit from continuing operations of $1.05 per share on sales of $6.20 billion.Revenue rose to $6.3 billion from $5.5 billion last year.Shares of General Dynamics closed Tuesday at $80.07 on the New York Stock Exchange, where they have traded between $61.69 and $81.28 in the past year.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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