General Dynamics' Revenue Declines but Beats on EPS, Management Might be Hunting Larger Acquisitions
Wide-moat General Dynamics reported third-quarter 2017 results with the story the same this quarter as the last two quarters--revenue declined but management delivered an EPS beat. However, the company missed consensus on other profitability metrics. Nonetheless, operating margins expanded to 13.9% up 60 basis points compared with last year. We think management has its work cut out for it in the fourth quarter (particularly at its IS&T unit) to hit full-year consensus expectations, but this ...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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