FALLS CHURCH (dpa-AFX) - General Dynamics (GD) said it posted record revenue, earnings and backlog for the third quarter. Compared with the year-ago quarter, revenue increased 12.9%, operating earnings increased 14.7%, and diluted EPS increased 15.7%.
Third quarter net income was $1.23 billion, an increase of 16.1% from last year. EPS was $4.49 compared to $3.88. Operating earnings was $1.53 billion, up 14.7%. Revenue increased to $14.57 billion from $12.91 billion. Aerospace revenue grew 9% with backlog up 23% year-over-year. Combat Systems revenue grew 6% with backlog up 53% year-over-year. Marine Systems revenue was up 21% on higher volume across all shipyards. Technologies revenue was up 11% with backlog up 15% year-over-year.
Backlog at the end of the quarter was $220.3 billion. Estimated potential contract value was $50.4 billion. The company ended the quarter with $7 billion in total debt and $4.4 billion in cash and equivalents on hand.
In pre-market trading on NYSE, General Dynamics shares are up 2.71 percent to $381.34.
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