News Summary: General Dynamics reports 4Q loss

Published on NewsOK Modified: January 23, 2013 at 11:13 am •  Published: January 23, 2013
Advertisement
;

THE LOSS: Aerospace and defense company General Dynamics said Wednesday that it lost $2.13 billion, or $6.07 per share, during the fourth quarter. That compares with net income of $603 million, or $1.68 per share, a year earlier.

THE REASON: The company says it took nearly $3 billion in one-time charges related to a slowdown in defense spending worldwide. About $2 billion was to reduce the value of its Information Systems & Technology group.

THE FUTURE: General Dynamics Corp.'s CEO says the fourth-quarter reflected contracting global defense spending, but also opportunities for improvement in some areas that are being addressed by management.



Trending Now


AROUND THE WEB

  1. 1
    Best cities to launch a startup
  2. 2
    Drought-stricken California may restrict outdoor water use
  3. 3
    Eva Mendes, Ryan Gosling pregnancy sparks Twitter shock from fans - NY Daily News
  4. 4
    Advocates for blind, deaf want more from Apple
  5. 5
    World Cup Fan Scores Modeling Gig From Cheering
+ show more