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General Dynamics beats profit estimates on higher aerospace sales -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A General Dynamics NASSCO shipyard is seen in San Diego, California (USA), June 17, 2019. REUTERS/Mike Blake/File Photograph

(Reuters) – General Dynamics Corp beat its fourth quarter profit estimates Wednesday, thanks to strong growth in the aerospace segment, even though supply chain bottlenecks linger and labor shortages persist.

The last three months of 2021 saw a strong demand for business aviation, thanks to a decrease in travel restrictions and higher vaccination rates, as well as the attraction of private flights.

General Dynamics (NYSE) saw its aerospace division sales increase to $2.56Billion, compared to $2.44B a year ago. However overall revenue decreased to $10.29B to $10.48B.

From $1 billion or $3.49 per shares a year ago, net earnings dropped to $952million, or 3.39 per share in the quarter that ended December 31.

According to Refinitiv IBES data, analysts expected that the company would post an average quarterly profit per share (3.37), according to Refinitiv IBES data.

Results are available a day later Lockheed Martin Raytheon Technologies (NYSE) and Raytheon Corp (NYSE) both reported quarterly profit that beat analyst expectations, aided in part by easing restrictions across the globe.

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