General Dynamics Hurt by Jet Prices
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General Dynamics Corp. said fourth-quarter profit was hurt and full-year earnings will trail estimates as the company is forced to reduce prices on Gulfstream business jets.
The conglomerate said it earned $157 million, or 78 cents a share, down from $246 million, or $1.21, a year earlier. The results reflected a one-time charge of $112 million from the company’s decision to exit the business of laying undersea fiber-optic cable.
Sales increased 13% to $3.94 billion, the Falls Church, Va.-based company said.
General Dynamics shares fell $9.16 to $64.85 on the New York Stock Exchange.
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