Slow Takeoff into 2018 for General Dynamics but Long-Term Outlook Solid, Raising Fair Value Estimate
General Dynamics reported first-quarter 2018 results that featured an EPS beat thanks to higher-than-expected operating margins and a slightly lower-than-expected tax rate. Cash flow disappointed, but we think the poor performance is mainly timing. We’re raising our fair value estimate of $208 by about $7 due to the time value of money ($2 of the increase) since our last update and faster growth in Gulfstream ($5) based on our view that the business jet market is turning around, combined with st...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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