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Business/Financial

Amid Pandemic, GD’s Earnings, Sales Fall In Second Quarter Led By Aerospace, IT

By Cal Biesecker

Wednesday, July 29th, 2020

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Amid Pandemic, GD’s Earnings, Sales Fall In Second Quarter Led By Aerospace, IT

General Dynamics Chairwoman and CEO Phebe Novakovic. Photo: General Dynamics

General Dynamics [GD] on Wednesday posted lower earnings and sales in its second quarter on continued weakness in its Aerospace segment and an overall decline in its government and defense businesses due to impacts from the COVID-19 pandemic. Net income fell 23 percent to $625 million, $2.18 earnings per share (EPS), from $806 million ($2.77 EPS), three pennies above consensus expectations. Segment operating margin slid to 9.1 percent from 11.4 percent. Sales dipped 3 percent to $9.3 billion from $9.6…

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