General Dynamics Corporation (GD - Free Report) reported third-quarter 2018 earnings from continuing operations of $2.89 per share, beating the Zacks Consensus Estimate of $2.74 by 5.5%. Reported earnings were up 14.7% from $2.52 recorded in the year-ago quarter.
Total Revenues
General Dynamics’ third-quarter total revenues of $9,094 million missed the Zacks Consensus Estimate of $9,427 million by 3.5%. However, reported revenues increased 20% from $7,580 million in the year-ago quarter. A large portion of growth can be attributed to the acquisition of CSRA Inc. in the reported quarter.
Backlog
The company recorded a total backlog of $69.5 billion, up 4.9% sequentially. Funded backlog at the quarter end was $54.4 billion.
Segment Performance
Aerospace: The segment reported revenues of $2,031 million, up 1.8% year over year. Operating earnings of $376 million decreased 1.3% from the prior-year quarter figure of $381 million.
Combat Systems: Segment revenues rose 1.5% to $1,523 million. Operating earnings were down 2.4% to $241 million in the quarter.
Information Systems and Technology: The segment reported revenues of $2,307 million, which surged 116% year over year. Operating income also surged 55.4% to $157 million.
Marine Systems: The segment’s revenues of $2,003 million were up 3.7% from the year-ago figure of $1,931 million. However, operating income dropped 5.6% to $169 million.
Mission Systems: The segment’s revenues of $1,230 million were up 13.3% from the year-ago figure of $1,086 million. Operating income was up 17.8 % from the year-ago quarter figure of $152 million.
General Dynamics Corporation Price, Consensus and EPS Surprise
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General Dynamics Corporation (GD - Free Report) reported third-quarter 2018 earnings from continuing operations of $2.89 per share, beating the Zacks Consensus Estimate of $2.74 by 5.5%. Reported earnings were up 14.7% from $2.52 recorded in the year-ago quarter.
Total Revenues
General Dynamics’ third-quarter total revenues of $9,094 million missed the Zacks Consensus Estimate of $9,427 million by 3.5%. However, reported revenues increased 20% from $7,580 million in the year-ago quarter. A large portion of growth can be attributed to the acquisition of CSRA Inc. in the reported quarter.
Backlog
The company recorded a total backlog of $69.5 billion, up 4.9% sequentially. Funded backlog at the quarter end was $54.4 billion.
Segment Performance
Aerospace: The segment reported revenues of $2,031 million, up 1.8% year over year. Operating earnings of $376 million decreased 1.3% from the prior-year quarter figure of $381 million.
Combat Systems: Segment revenues rose 1.5% to $1,523 million. Operating earnings were down 2.4% to $241 million in the quarter.
Information Systems and Technology: The segment reported revenues of $2,307 million, which surged 116% year over year. Operating income also surged 55.4% to $157 million.
Marine Systems: The segment’s revenues of $2,003 million were up 3.7% from the year-ago figure of $1,931 million. However, operating income dropped 5.6% to $169 million.
Mission Systems: The segment’s revenues of $1,230 million were up 13.3% from the year-ago figure of $1,086 million. Operating income was up 17.8 % from the year-ago quarter figure of $152 million.
General Dynamics Corporation Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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