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GD Swings To $2 Billion Loss In Fourth Quarter On Slowdown In Defense Spending

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Squeezed by a drop-off in defense spending, particularly in its information systems business, General Dynamics [GD] yesterday posted a $2.1 billion loss in the fourth quarter due to various non-cash charges. Most of the charges resulted in a $2 billion goodwill impairment that hit GD’s Information Systems and Technology (IS&T) group due to reduced defense spending but the company also recorded nearly $900 million in various other charges related to intangible asset impairments, contract disputes accruals—including a contract termination by…

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