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General Dynamics (GD) Tops Q1 Earnings & Revenue Estimates

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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.

General Dynamics boasts a strong position in the U.S. defense space as well as overseas. The recent budgetary amendments in the United States have been in favor of the company’s business line.

Surprise History

Coming to the earnings surprise, General Dynamics has surpassed the Zacks Consensus Estimate in the last four quarters, resulting in average positive surprise of 7.26%.

Zacks Rank

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

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

Earnings Beat

General Dynamics reported better-than-expected earnings during the first quarter. Its earnings per share came in at $2.56 surpassing the Zacks Consensus Estimate of $2.38 by 7.6%.

The company reported GAAP earnings of $2.59 per share.

General Dynamics Corporation Price and EPS Surprise

Revenue Beat

General Dynamics’ first-quarter revenues of $9,261 million surpassed the Zacks Consensus Estimate of $8,890 million by 4.2%. Further, revenues increased 22.9% from $7,535 million in the year-ago quarter. Revenues grew year over year in all of the company’s five segments.

Key Developments

The company recorded a total backlog of $69.2 billion in the first-quarter, up 11.4% year over year.

Stock Price

It would be interesting to see how the market reacts to the positive earnings surprise during the trading session today.

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

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