General Dynamics Corporation (GD - Free Report) reported fourth quarter and 2018 results. Fourth-quarter earnings from continuing operations of $3.07 per share beat the Zacks Consensus Estimate of $2.98 by 3%. Reported earnings were up 46.2% from $2.10 in the year-ago quarter.
For 2018, the company reported earnings of $11.22 per share, up 17.4% from $9.56 in the year-ago quarter. Moreover, full-year earnings figure exceeded the Zacks Consensus Estimate of $11.15 by 0.6%.
General Dynamics’ fourth-quarter revenues of $10,378 million surpassed the Zacks Consensus Estimate of $10,286 million by 0.9%. Further, revenues increased 25.4% from $8,277 million in the year-ago quarter. Revenues grew year over year in three of the company’s five segments.
In 2018, total revenues increased 16.9% year over year to $36.19 billion. Full-year revenues surpassed the Zacks Consensus Estimate of $36.13 billion by a mere 0.2%.
The company recorded a total backlog of $67.9 billion, up 7.4% annually. Funded backlog at the quarter end was $55.83 billion.
Aerospace: The segment reported revenues of $2,704 million, up 36.4% year over year. Operating earnings of $382 million increased 13.7% from the prior-year quarter’s $336 million.
Combat Systems: Segment revenues fell 0.2% to $1,744 million. Operating earnings were up 0.4% to $261 million in the quarter.
Information Systems and Technology: The segment reported revenues of $2,382 million, which surged 93.3% year over year. Operating income also surged 104.2% to $194 million.
Marine Systems: The segment’s revenues of $2,297 million were up 11.5% from the year-ago figure of $2,060 million. Moreover, operating income rose 27.5% to $213 million.
Mission Systems: The segment’s revenues of $1,251 million were down 0.3% from the year-ago quarter’s $1,255 million. Operating income declined 3.2 % from the year-ago quarter’s $187 million to $181 million.
General Dynamics Corporation Price, Consensus and EPS Surprise