General Dynamics Forecasts Stronger Growth for 2018 but Weaker Margins
Wide-moat General Dynamics reported fourth-quarter and full-year 2017 earnings and provided 2018 guidance that featured growth across all its businesses, which hasn’t occurred since 2008. Despite the solid growth outlook, management expects 2018 operating margins to contract by about 40 basis points due primarily to the manufacturing transition to new business jet models. Despite slightly lower 2018 margins versus our forecast, we’re planning to increase our fair value estimate of $190 by about ...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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