General Dynamics' 3Q Dissapoints, but We Think Shares Are Cheap Now
Despite beating consensus expectations with EPS of $2.89, wide-moat General Dynamics' shares fell nearly 7% following third-quarter earnings. The beat was driven primarily by tax items and not from operational elements, and we note that operating margins contracted at each of General Dynamics' operating segments, save Mission Systems, which turned in a solid quarter. Revenue jumped 20% thanks to the CSRA acquisition, but growth at the Aerospace and Marine Systems businesses was weaker than we ex...General Dynamics is an aerospace and defense company. The company has five operating segments: Aerospace, which provides a family of Gulfstream aircraft and services for business aircraft produced by Gulfstream and other original equipment manufacturers; Combat Systems, which provides combat vehicles, weapons systems and munitions; Information Technology, which provides information technology (IT) services, IT infrastructure modernization and professional services; Mission Systems, which provides mission-critical products and systems; and Marine Systems, which designs and builds nuclear-powered submarines, surface combatants, and auxiliary and combat-logistics ships.
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