Courtesy of Benzinga.
General Dynamics (NYSE: GD) trended up after the defense contractor boosted its 2014 earnings forecast to above the consensus forecast and said third-quarter performance will be "very strong."
In an analysts' conference call, the company forecast full-year profits from continued operations of $7.40 to $7.45 per share, compared with the Wall Street estimate of $7.33.
Management said revenue for the full year will total $30.2 billion, falling below the current consensus estimate of $3.39 billion. The company shaved its earlier estimate of aerospace revenues, now expected at $8.05 billion.
Managers also forecast a full-year operating margin of 12.5 percent overall, while pegging the margin for aerospace at 18 percent.
Meanwhile, the company plans to put the brakes on the pace of its share repurchases during the second half of 2014, compared with the first half.
Earlier Wednesday, General Dynamics posted second-quarter profit from continuing operations of $646 million or $1.88 per share, up from $640 million or $1.80 per share in the year-ago quarter. Analysts expected $1.77 per share.
Revenues fell 4.6 percent to $7.47 billion from $7.83 billion last year, missing Wall Street's consensus of $7.53 billion.
General Dynamics traded recently at $119.86, up 1.11 percent.
