General Dynamics Earnings Rise
FALLS CHURCH, Va. (AP) _ General Dynamics on Wednesday reported its second-quarter profits rose 13 percent, in part because of new contracts and the acquisition of a communications company.
Net income for the period ending June 28 was $92 million, or 72 cents per diluted share. For last year’s second quarter, net income was $80 million, or 64 cents per diluted share.
Revenues for the quarter were $1.18 billion, up from $1.03 billion in the second quarter of 1997.
``As we continue to increase our product line through acquisition and internal development, we are finding more opportunities to penetrate new markets,″ said General Dynamics Chairman and CEO Nicholas D. Chabraja.
The results also reflect the company’s July acquisition of Arlington, Va.-based Computer Systems and Communications, a systems integration company that serves the defense department and dozens of foreign countries.
General Dynamics shares closed unchanged at $45.75 on the New York Stock Exchange.
General Dynamics is a defense contractor that makes nuclear submarines and warships for the Navy, and the M1 Abrams battle tank for the Army.