General Dynamics reports $2.13B 4Q loss

Published on NewsOK Modified: January 23, 2013 at 11:18 am •  Published: January 23, 2013
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The company said that it recorded a $2 billion goodwill impairment charge in the latest quarter to reduce the value of its Information Systems & Technology group. The company said it took the charge to account for slowed defense spending. It also took $867 million in other charges for asset valuation drops in its Aerospace and Information Systems groups.

The company said it expects to earn $6.60 to $6.70 per share from continuing operations this year. Analysts expected $7.32 per share.

During the quarter, revenue fell for three of the company's four business units. Combat systems revenue was down 24 percent, while Marine Systems was off 5.3 percent and Information Systems was down almost 12 percent. Only Aerospace, which includes Gulfstream jets, reported an increase, and that was only 0.2 percent.

For the full year, the company reported a loss of $332 million, or 94 cents per share, including the charges. That compares with net income of $2.53 billion profit, or $6.87 per share, in 2011. Full-year revenue fell 3.6 percent to $31.5 billion.

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