General Dynamics ( NYSE: GD ) rose 1.5% in premarket trading after the defense contractor reported Q3 earnings that beat estimates. Its EPS rose 6.2% from a year earlier to $3.26, greater than the consensus estimate of $3.16, while net earnings increased 4.9% to $902 million.
Revenue climbed 4.5% from the prior year to $10 billion, beating estimates by $70 million.
"We saw continued strong demand in the quarter, particularly in aerospace, combat systems and marine systems," Phebe N. Novakovic, chairman and CEO, said in a statement. "Our businesses delivered solid operating performance and cash flow even as they managed through the challenges of inflation and supply-chain constraints."
The company’s consolidated book-to-bill ratio – a key benchmark that compares orders received to units shipped and billed – was 1.1 to 1 during the quarter.
Its company-wide backlog of $88.8 billion and estimated potential contract value of $37 billion added up to a total estimated contract value of $125.8 billion at the end of the quarter. Aerospace backlog rose about 30% from the prior year to $19.1 billion.
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General Dynamics rises in premarket trading as earnings beat estimates