FALLS CHURCH (dpa-AFX) - Defense contractor General Dynamics (GD) Wednesday said second-quarter net earnings declined to $541 million or $1.58 per share from $640 million or $1.81 per share in the prior year.
The firm recognized a charge of $105 million in discontinued operations for the sale of a business within Combat Systems.
Earnings from continuing operations rose to $646 million or $1.88 per share from $640 million or $1.81 per share.
On average, 20 analysts polled by Thomson Reuters expected earnings of $1.77 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues fell to $7.474 billion from $7.834 billion. Analysts expected revenues of $7.53 billion.
Phebe Novakovic, chairman and CEO, said, 'General Dynamics' strong second quarter performance reflects our continued focus on program execution and operational improvements. We have a solid building block for the future with an increased defense backlog and robust order activity across the portfolio of Gulfstream business jets.'
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