Summary Box: General Dynamics 3Q earnings rise

AP News
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Posted: Oct 27, 2010 12:46 PM
Summary Box: General Dynamics 3Q earnings rise

BY AIR AND BY BOAT: General Dynamics' third-quarter earnings rose 14 percent on strengthening sales for its business jets, military and commercial ships and technology support systems. The defense contractor also raised its forecast for the year.

FLIGHT PLAN: Revenue improved in three out of four of the company's business segments; combat systems revenue fell 12 percent to $2.07 billion. That's the segment in which General Dynamics makes guns, ammunition and a wide range of armored combat vehicles. Revenue in the company's aerospace segment, which makes Gulfstream jets, rose the most in the quarter at 15 percent. Overall demand for business jets has improved in the last year as the market recovered from dismal levels in 2009.

LOOK AHEAD: The company expects 2010 earnings from continuing operations, which leaves out some items, between $6.70 and $6.75 per share. It previously forecast $6.60 to $6.65 per share. Analysts currently expect $6.67 per share.