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GD’s Income Slides On Weak Business Jet Market, But Guidance Increased On Defense

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By Calvin Biesecker General Dynamics [GD] yesterday reported its second consecutive quarter of declining profits due to a weak market for business jets market despite continued strong performance from the company's defense businesses. The strong showing in defense helped GD top consensus earnings estimates in the third quarter and led it to raise earnings guidance again for the year. Net income fell 10 percent to $572 million, $1.48 earnings per share (EPS), from $634 million ($1.60 EPS), despite an 8…

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