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Business/Financial

COVID-19 Impacts Hit GD’s First Quarter Results On Delayed Aircraft Deliveries

By Cal Biesecker

Wednesday, April 29th, 2020

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COVID-19 Impacts Hit GD’s First Quarter Results On Delayed Aircraft Deliveries

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

The ongoing coronavirus pandemic delayed General Dynamics’ [GD] deliveries of business jets in the first quarter, sending sales and net income lower. The company’s defense businesses overall reported slightly higher sales and profit. Net income fell 5 percent to $706 million, $2.43 earnings per share (EPS), from $745 million ($2.56 EPS), lagging consensus estimates by 15 cents per share. Total operating margin was down 10 basis points to 10.8 percent. Sales dipped 6 percent to $8.8 billion from $9.3 billion…

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