US defence and aerospace group General Dynamics reported $3.1 billion sales and $229 million net profits for the first three months of 2002, up 17% and 8% respectively from 2001. Aerospace sales accounted for 24% of total revenue and 39% of profits, from the Gulfstream business jet arm and the Aviation Services maintenance division. The balance came from sales of armoured vehicles, military and commercial communications equipment, battlespace management electronics and warships.
The company described the results as "solid" rather than spectacular - profits were slightly ahead of market expectations, led by a 42% rise in IT sales. Analyst David Strauss at UBS Warburg described the company as "the only proven performer within the defence sector, and one which, despite headwinds at Gulfstream, can continue to deliver double-digit earnings growth".
Source: Flight International
