General Dynamics shares fall after soft Q4
Jan. 23, 2013, Falls Church, Va. - Shares of General Dynamics fell more than four per cent in morning trading after the company reported a huge fourth-quarter loss due to charges related to slowing defence spending.
The Falls Church, Va., aerospace and defence 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 per cent to $8.08 billion. Analysts expected $8.8 billion.