Defense contractor General Dynamics Corp., parent of Groton submarine builder Electric Boat, said Wednesday its first-quarter earnings edged up 3.5 percent as revenue fell in its aerospace and combat systems units but rose in its other businesses, The Associated Press.
The Falls Church, Va., company reported its net income rose to $618 million, or $1.64 per share, for the quarter ended April 3 compared with $597 million, or $1.53 per share, in the same period of 2010.
Revenue rose 0.6 percent overall to $7.8 billion.
Wall Street expected lower earnings of $1.62 a share, according to a survey by FactSet. Analysts expected higher revenue of $7.96 billion.
General Dynamics said aerospace revenue fell 0.3 percent during the period, while Combat Systems revenue was off 2.3 percent. Information Systems and Marine Systems revenue each grew by 2.3 percent, the company said.
