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http://www.nytimes.com/reuters/business/business-arms-generaldynamics-earns.htmlGeneral Dynamics Earns Up on Arms Sales
By REUTERS
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NEW YORK (Reuters) - General Dynamics Corp. (GD.N) on Wednesday reported quarterly profits slipped 8 percent on weakness in its Gulfstream business jets unit, but the company posted strong sales in its weapons and military technology divisions and its shares rose. Interest in the company's corporate planes has fallen off as the economy has remained soft and companies have slashed spending, but defense sales have picked up.
``If it wasn't for their strong defense business, they wouldn't be looking very good,'' said Robert Stallard, an analyst for Banc of America Securities in London.
Revenues of the combat systems group, which makes armored vehicles and guns, rose 48 percent to $1.02 billion. The information systems and technology group, which designs battlefield communications networks and advanced military electronics, posted sales that rose
Overall strength in the defense area bodes well for other arms-related companies that will be reporting quarterly results over the next few weeks, said Stallard.``Companies with defense electronics exposure like Lockheed, Northrop and Raytheon are probably going to see some very good numbers coming through in the area,'' said the analyst.
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