General Dynamics (NYSE:GD) Issues Quarterly Earnings Results, Misses Expectations By $0.13 EPS

General Dynamics (NYSE:GD) issued its quarterly earnings results on Wednesday. The aerospace company reported $3.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.48 by ($0.13), Briefing.com reports. The business had revenue of $11.67 billion during the quarter, compared to analyst estimates of $11.65 billion. General Dynamics had a net margin of 7.89% and a return on equity of 16.74%. General Dynamics’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same period last year, the firm posted $3.04 earnings per share. General Dynamics updated its FY24 guidance to $14.00 EPS and its FY 2024 guidance to 14.000-14.000 EPS.

General Dynamics Trading Up 0.4 %

Shares of NYSE:GD traded up $1.25 on Friday, reaching $302.52. 1,405,397 shares of the company traded hands, compared to its average volume of 1,095,718. The stock has a market capitalization of $83.00 billion, a P/E ratio of 24.68, a price-to-earnings-growth ratio of 1.67 and a beta of 0.61. The business’s 50-day simple moving average is $300.40 and its 200 day simple moving average is $294.67. The company has a current ratio of 1.33, a quick ratio of 0.80 and a debt-to-equity ratio of 0.33. General Dynamics has a 52 week low of $236.58 and a 52 week high of $313.11.

General Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 11th will be paid a $1.42 dividend. This represents a $5.68 annualized dividend and a yield of 1.88%. The ex-dividend date is Friday, October 11th. General Dynamics’s dividend payout ratio is presently 46.33%.

Insider Activity

In related news, Director Peter A. Wall sold 1,320 shares of General Dynamics stock in a transaction on Monday, September 16th. The shares were sold at an average price of $308.05, for a total value of $406,626.00. Following the transaction, the director now directly owns 3,592 shares of the company’s stock, valued at $1,106,515.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.52% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft cut their price objective on shares of General Dynamics from $320.00 to $314.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Sanford C. Bernstein lowered their price target on shares of General Dynamics from $343.00 to $331.00 and set a “market perform” rating on the stock in a report on Thursday. Seaport Res Ptn downgraded General Dynamics from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 11th. TD Cowen upgraded General Dynamics to a “strong-buy” rating in a research note on Tuesday, October 8th. Finally, Citigroup increased their target price on shares of General Dynamics from $331.00 to $354.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $323.88.

General Dynamics Company Profile

General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment produces and sells business jets; and offers aircraft maintenance and repair, management, aircraft-on-ground support and completion, charter, staffing, and fixed-base operator services.