U.S. defense contractor General Dynamics Corp. Wednesday beat Wall Street estimates for fourth-quarter profit, as its unit that produces Abrams tanks and combat systems benefited from higher demand for weapons.
Demand for weapons remained high in the quarter as the United States and its allies ramped up their defense spending after Russia's invasion of Ukraine last year.
Sales at General Dynamics' combat systems unit rose 15.5% to $2.18 billion in the quarter ended Dec. 31.
Overall net earnings rose to $992 million, or $3.58 per share, in the fourth quarter, from $952 million, or $3.39 per share, a year earlier.
Analysts on average had expected the company to post a profit of $3.54 per share, according to Refinitiv IBES data.
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