Shares of aerospace and defense major General Dynamics (NYSE:GD) are on the rise today after the company delivered a mixed set of fourth-quarter results. Revenue jumped by 7.1% year-over-year to $11.67 billion, outperforming expectations by $280 million. On the other hand, EPS of $3.64 missed the cut by $0.04.
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Still, this was the highest quarterly revenue and EPS in General Dynamics’ history. The company ended the quarter with a backlog of $93.6 billion. Further, the total estimated contract value stood at an impressive $132 billion at the end of Q4.
The company is witnessing growth across its Aerospace, Marine Systems, and Combat Systems segments. Notably, revenue in the Aerospace and Marine Systems segments rose by 12% and 15%, respectively, in the fourth quarter. Add to this, General Dynamics anticipates a surge in deliveries in its Aerospace segment following FAA certification for the G700 plane.
Is GD Stock a Good Investment?
Shares of the company have gained nearly 15% over the past six months. Overall, the Street has a Strong Buy consensus rating on General Dynamics, and the average GD price target of $289.36 implies a further 16% potential upside in the stock.
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