General Dynamics Reports Flat Earnings for Quarter
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General Dynamics’ earnings were flat in the third quarter, mainly because of high interest costs from its acquisition of Cessna Aircraft, the company said.
The St. Louis defense contractor said earnings for the third quarter were $100 million, slightly down from $100.6 million in the third quarter of 1985. Revenue rose 15% to $2.3 billion from $2 billion a year earlier.
General Dynamics acquired Cessna Aircraft of Wichita, Kan., earlier this year for an undisclosed price. A company spokesman said the long-term interest costs from the transaction were the main factor in the earnings decline but would not say how big the interest costs were.
The company said its total backlog rose to $23.3 billion in the quarter from $21.8 billion a year earlier.
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