General Dynamics shares fall as defence business shrinks

Company reported a huge fourth-quarter loss because of slowing defence spending.

Comments Off January 23, 2013 at 11:33 am by

FALLS CHURCH, Va. – Shares of General Dynamics fell more than 4 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.

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