FALLS CHURCH, Va. – Shares of General Dynamics fell more than 4 percent in morning trading after the company reported a huge fourth-quarter loss due to charges related to slowing defense spending.
The Falls Church, Va., aerospace and defense company says it lost $2.13 billion, or $6.07 per share, during the October-December quarter. That compares with net income of $603 million, or $1.68 per share, a year earlier.
Excluding the charges, the company earned $1.39 per share. Wall Street expected earnings of $1.90 per share, on average,
Revenue fell almost 12 percent to $8.08 billion. Analysts expected $8.8 billion.
General Dynamics shares dropped $3.24, or 4.6 percent, to $67.47 in morning trading.