FALLS CHURCH, Va.—General Dynamics Corp. said Wednesday its third quarter profit was relatively flat, as sales fell slightly on lower demand for its information technology and marine systems products.
The Falls Church, Va.-based defense contractor reported net income of $652 million, or $1.80 per share, up less than a percent from $650 million, or $1.70 per share, in the same quarter last year.
Revenue fell 2 percent to $7.85 billion from $8.01 billion in the year-ago period.
Analysts, on average, expected a profit of $1.77 per share $8.34 billion in revenue, according to a FactSet poll.
Aerospace sales jumped 9.4 percent to $1.29 billion and demand at the company's combat systems business rose 3.4 percent to $2.07 billion. But information and technology sales fell 9.2 percent to $2.95 billion and marine systems sales fell 4.6 percent to $1.7 billion.
General Dynamics said its total backlog rose 2.5 percent during the quarter to $58.5 billion, partially as a result of strong demand for its Gulfstream aircraft line.
The company also said it received several defense department orders for products ranging from destroyers and other ships to upgrade kits for the mine-resistant, ambush-protected vehicles the military uses in Iraq and Afghanistan.
