Stock Market News

General Dynamics profit rises 3% on strong demand for private jets

2022.04.27 15:12

General Dynamics profit rises 3% on strong demand for private jets
FILE PHOTO: A General Dynamics NASSCO ship yard entrance is shown in San Diego, California, U.S., June 17, 2019. REUTERS/Mike Blake

By Nathan Gomes and Mike Stone

(Reuters) -Gulfstream jet maker General Dynamics Corp (NYSE:GD) on Wednesday posted a 3.1% rise in first-quarter profit, as demand for private air travel during the COVID-19 pandemic remained high.

Shares were unchanged in pre-market trading.

Cautious passengers who opted for private flights instead of commercial flights due to fears of contracting COVID-19 have helped drive U.S. private air traffic higher than pre-pandemic levels.

Business jet makers, eager to capitalize on that demand from wealthy travelers opting to fly private, have been ramping up production of their jets. The profit increase comes after the pandemic crippled many aerospace companies’ ability to procure as well as supply parts needed to produce products, creating shortages, reducing inventories and hammering profits amid a period of rising inflation.

In the quarter the company delivered 25 Gulfstream business jets versus 28 a year ago. In March the company told the J.P. Morgan Industrials conference that its jet aviation business would likely be impacted by Western sanctions on Moscow after its invasion of Ukraine.

Sales in the company’s aerospace unit marginally rose to $1.9 billion from $1.89 billion a year earlier, while overall revenue remained at $9.39 billion.

Net earnings rose to $730 million, or $2.61 per share, in the first quarter, from $708 million or $2.48 per share, a year earlier.

General Dynamics’ reported earnings per share of $2.61 beat Wall Street analyst consensus of $2.51. The company’s revenue of $9.4 billion also beat Wall Street analyst estimates of $9 billion.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,675.44 0.16%
ethereum
Ethereum (ETH) $ 3,468.40 0.56%
tether
Tether (USDT) $ 0.999223 0.04%
xrp
XRP (XRP) $ 2.29 1.86%
bnb
BNB (BNB) $ 701.71 1.02%
solana
Solana (SOL) $ 197.98 0.85%
dogecoin
Dogecoin (DOGE) $ 0.330863 1.42%
usd-coin
USDC (USDC) $ 1.00 0.06%
staked-ether
Lido Staked Ether (STETH) $ 3,464.66 0.50%
cardano
Cardano (ADA) $ 0.911284 2.55%
tron
TRON (TRX) $ 0.257394 0.00%
avalanche-2
Avalanche (AVAX) $ 40.32 2.60%
chainlink
Chainlink (LINK) $ 24.46 1.50%
the-open-network
Toncoin (TON) $ 5.98 3.66%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,111.72 0.79%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 1.18%
sui
Sui (SUI) $ 4.51 3.81%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,200.31 0.05%
hedera-hashgraph
Hedera (HBAR) $ 0.314699 2.45%
stellar
Stellar (XLM) $ 0.383416 5.25%
polkadot
Polkadot (DOT) $ 7.47 0.85%
weth
WETH (WETH) $ 3,466.09 0.77%
hyperliquid
Hyperliquid (HYPE) $ 28.18 8.28%
bitcoin-cash
Bitcoin Cash (BCH) $ 460.50 2.92%
leo-token
LEO Token (LEO) $ 9.49 0.32%
uniswap
Uniswap (UNI) $ 13.83 4.97%
litecoin
Litecoin (LTC) $ 108.92 0.27%
bitget-token
Bitget Token (BGB) $ 5.70 15.63%
pepe
Pepe (PEPE) $ 0.000018 4.20%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,664.13 0.52%
near
NEAR Protocol (NEAR) $ 5.42 2.42%
ethena-usde
Ethena USDe (USDE) $ 0.998953 0.00%
aave
Aave (AAVE) $ 372.05 1.23%
usds
USDS (USDS) $ 0.999273 0.12%
aptos
Aptos (APT) $ 9.61 1.93%
internet-computer
Internet Computer (ICP) $ 11.16 0.22%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.513999 2.54%
crypto-com-chain
Cronos (CRO) $ 0.157236 5.79%
vechain
VeChain (VET) $ 0.051644 2.43%
mantle
Mantle (MNT) $ 1.24 0.47%
ethereum-classic
Ethereum Classic (ETC) $ 27.25 3.14%
render-token
Render (RENDER) $ 7.52 4.14%
bittensor
Bittensor (TAO) $ 502.14 0.85%
monero
Monero (XMR) $ 196.50 2.48%
whitebit
WhiteBIT Coin (WBT) $ 25.06 0.62%
mantra-dao
MANTRA (OM) $ 3.76 0.10%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.35 2.69%
dai
Dai (DAI) $ 1.00 0.01%
arbitrum
Arbitrum (ARB) $ 0.798785 2.62%
filecoin
Filecoin (FIL) $ 5.29 3.41%