BOSTON, April 25 (AP) — General Dynamics and Raytheon posted modestly higher first-quarter earnings Wednesday, beating Wall Street’s expectations, but the two companies were reluctant to raise their profit outlooks for the full year, citing unusually high uncertainty over future Pentagon funding .
General Dynamics posted a 16 percent profit increase for the January-through-March period on improved results from its private jet, information technology and military vehicle units.
The company, based in Falls Church, Va., reported net earnings of $434 million, or $1.06 a share, up from $374 million, or 92 cents a share, in the year-ago quarter. Revenue rose 14 percent, to $6.3 billion, from $5.5 billion.
Earnings from continuing operations rose to $440 million, or $1.07 a share, narrowly beating the consensus forecast of analysts surveyed by Thomson Financial, who expected a profit of $1.05 a share from continuing operations.
The first-quarter profit at Raytheon rose 21 percent on strong sales of missiles and battle operations communications systems, and improving results at an aircraft unit that Raytheon sold last month.
No comments:
Post a Comment