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GD’s Net Income Tumbles On Charge Related To Planned Sale Of Axle Business

Cal Biesecker By
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GD’s Net Income Tumbles On Charge Related To Planned Sale Of Axle Business
GD Chairman and CEO Phebe Novakovic. Photo: GD

General Dynamics [GD] on Wednesday posted lower net income in the second quarter due to a charge related to the planned sale of an axle business it acquired in 2009. Excluding the charge related to AxleTech, GD’s earnings from continuing operations were up nearly a percent to $646 million, $1.88 earnings per share (EPS), beating analysts’ expectations by 11 cents EPS. The results were driven by lower taxes while per share earnings benefited from a lower stock count due to…

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