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General Dynamics (GD): In-Line Q2 Earnings, Misses Sales

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Falls Church, VA based General Dynamics Corporation (GD - Free Report) is one of the two contractors equipped to build nuclear-powered submarines. The company is well-renowned for the Virginia-class submarines and its Gulfstream aircraft.

However, the company is subject to high risks from any possible budget cut. As a result, the company is cautious and is proactively involved in lowering costs to fuel bottom line growth.

The company has reported positive earnings surprises in the last four quarters with an average beat of 5.20%.

Zacks Rank

Currently, General Dynamics has a Zacks Rank #3 (Hold), but that could definitely change following General Dynamics’ earnings report which was just released. You can see the complete list of today’s Zacks #1 Rank stocks here.

We have mentioned below some of the vital information from this just-revealed announcement:

Earnings In-Line

General Dynamics reported in line earnings during the second quarter. Adjusted earnings per share came in at $2.45 compared to the Zacks Consensus Estimate of $2.45.

Revenue Miss

General Dynamics posted revenues of $7,675 million in second quarter, compared to our consensus estimate of $7,804 million.

Key Developments to Note

Total backlog at the end of the second quarter was $58.6 billion, down 10% year over year.

Stock Price

Following the earnings release, General Dynamics’ share price has undergone no significant change in the pre-market trading session.

Check back later for our full write up on this General Dynamics earnings report later!

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