General Dynamics reports net loss for Q4, provides outlook for 2013

General Dynamics Corporation has reported that net loss for the fourth quarter of 2012 was $2.13 billion, or $6.07 loss per diluted share, compared to net earnings of $603 million, or $1.68 per diluted share, for the same quarter of 2011. The company expects earnings per share from continuing operations to be in the range of $6.60 to $6.70 for the year 2013.

Revenues for the fourth quarter of 2012 were $8.08 billion, compared to $9.15 billion for the same quarter of 2011.

Net loss for the year 2012 was $332 million, or $0.94 loss per diluted share, compared to net earnings of $2.53 billion, or $6.87 per diluted share, for the year 2011. Revenues for the year 2012 were $31.51 billion, compared to $32.68 billion for the year 2011.

Phebe Novakovic, chairman and CEO of General Dynamics, said, "General Dynamics' operating results in 2012 and the charges that we have recorded in the fourth quarter reflect the fact that some of our markets are contracting as government budgets shrink at home and abroad. They also suggest opportunities for improvement in some areas of our performance, which we are addressing.

"General Dynamics is a strong corporation with relevant product and service offerings that are critical to our customers' missions. We will continue to manage our business aggressively as we approach the opportunities and the challenges of the future."