General Dynamics Corp.: Citing a recent streamlining...

General Dynamics Corp.: Citing a recent streamlining in the way it does business, the St. Louis-based firm said its earnings advanced 7% in the third quarter.

The defense contractor said it earned $64 million, or $1.53 per share, up from $60 million, or $1.44 a share, for the same period in 1990.

Sales during the third quarter slipped 9% to $2.1 billion, from $2.3 billion a year ago.

The results were restated to list Cessna Aircraft Co., a wholly owned subsidiary, as a discontinued operation, the company said. General Dynamics on Thursday announced plans to divest Cessna to concentrate more on its core businesses.

General Dynamics Chairman William Anders said the company’s new business procedures improved both its returns and its cash flow.