Sign in to comment!

Menu
Home

Economy

General Dynamics shares fall after reporting big 4Q loss as defense business shrinks

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.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.99% -- 3.99%  
15 Y Fixed Graph 3.09% dw 3.10%  
30 Y Fixed Jumbo Graph 4.21% up 4.17%  
5/1 ARM Graph 3.20% dw 3.22%  
5/1 Jumbo ARM Graph 3.50% up 3.44%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.30% up 4.27%  
$50K HELOC Graph 3.97% up 3.95%  
$30K Loan Graph 4.99% -- 4.99%  
$50K Loan Graph 4.34% -- 4.34%  
$75K Loan Graph 4.36% -- 4.36%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.94% dw 2.95%  
36 M Used Graph 3.48% dw 3.49%  
48 M New Graph 3.19% dw 3.23%  
48 M Used Graph 2.99% dw 3.05%  
60 M New Graph 3.19% dw 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% dw 0.40%  
1 yr Graph 0.70% -- 0.70%  
5 yr Graph 1.55% up 1.54%