Military Contractors Report Higher Profit, but Say Future Looks Uncertain

[UpInArms]

Source: Associated Press via The New York Times

BOSTON, April 25 (AP) — General Dynamics and Raytheon posted modestly higher first-quarter earnings Wednesday, beating Wall Street’s expectations, but the two companies were reluctant to raise their profit outlooks for the full year, citing unusually high uncertainty over future Pentagon funding .

General Dynamics posted a 16 percent profit increase for the January-through-March period on improved results from its private jet, information technology and military vehicle units.

The company, based in Falls Church, Va., reported net earnings of $434 million, or $1.06 a share, up from $374 million, or 92 cents a share, in the year-ago quarter. Revenue rose 14 percent, to $6.3 billion, from $5.5 billion.

Earnings from continuing operations rose to $440 million, or $1.07 a share, narrowly beating the consensus forecast of analysts surveyed by Thomson Financial, who expected a profit of $1.05 a share from continuing operations.

The first-quarter profit at Raytheon rose 21 percent on strong sales of missiles and battle operations communications systems, and improving results at an aircraft unit that Raytheon sold last month.

Read more: http://www.nytimes.com/2007/04/26/business/26arms.html?ex=1335240000&en=a9c007e92c390ba8&ei=5088&partner=rssnyt&emc=rss

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[MADem]

1. Well, of course...they KNOW the gravy train is gonna grind to a halt soon enough NT

[gratuitous]

2. Grab every nickel out of the Treasury while you can, boys

No sense getting shy about your pigginess now. You'll need the money to pay your attorneys when the investigations finally arrive at your door.

[Javaman]

3. when you see the weapons manufacturers saying things like this

the writing is on the wall regarding Iraq.

Finally.

Bring them home now!

[Tempest]

4. General Dynamics just won a $227 million contract from DHS

www.gcn.com/online/vol1_no1/43550-1.html

[classysassy]

5. Support the troops

and don't forget to rip off their parents.Blood money for the greedy bastards.