General Dynamics Corp. said its earnings plunged...
From Times Wire Services
General Dynamics Corp. said its earnings plunged 63.2% in the final three months of 1993, but overall earnings for the year were up 8.6%.
Profit for the fourth quarter fell to $64 million, or $2.02 a share, from $174 million, or $5.59 a share, in that period a year earlier. Revenue dropped to $779 million from $911 million.
James R. Mellor, president and chief executive, said that even with major reductions in defense spending, General Dynamics is “extremely well positioned to take advantage of opportunities to further strengthen the company.”
Profit for all of 1993 was up 8.6%, to $885 million, or $27.97 a share, from $815 million, or $21.56 a share, in 1992. Revenue dropped off 1.2%, to $3.19 billion from $3.23 billion.
