General Dynamics beats profit estimates on higher aerospace sales By

(Reuters) -General Dynamics Corp on Wednesday beat fourth-quarter profit estimates, helped by strong growth in its aerospace unit, even as supply chain bottlenecks and labor chain shortages lingered.

Demand for business aviation stayed strong in the last three months of 2021, helped by easing travel restrictions, higher vaccination rates and the lure of private flights.

Sales in General Dynamics (NYSE:)’ aerospace unit rose to $2.56 billion from $2.44 billion a year earlier, while overall revenue fell to $10.29 billion from $10.48 billion.

Net earnings fell to $952 million, or $3.39 per share, in the quarter ended Dec. 31, from $1 billion, or $3.49 per share, a year earlier.

Analysts, on average, expected the company to post a quarterly profit per share of $3.37, according to Refinitiv IBES data.

The results come a day after Lockheed Martin (NYSE:) and Raytheon Technologies (NYSE:) Corp beat analyst estimates for quarterly profit, encouraged by easing restrictions around the globe.

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