Company earnings roundup
It’s earnings season. Here is the performance of three of Virginia’s largest companies:
Norfolk Southern reported a 7 percent revenue increase during the third quarter to $3 billion, compared with $2.8 billion the previous year. Net income was up 16 percent at $559 million, or $1.79 per diluted share, compared with $482 million, or $1.53 per diluted share, during the third quarter of 2013. General merchandise and intermodal revenues were up, while coal revenues were down 2 percent. The Norfolk-based railroad said its financials set a record for third-quarter numbers.
Revenues at Falls Church defense contractor General Dynamics remained fairly flat in the third quarter. The company reported revenues of $7.75 billion, up 0.2 percent from revenues of $7.74 billion in the same period the prior year. Profits, however, grew 6.9 percent to $696 million, or $2.06 per diluted share, compared with $651 million, or $1.84 per diluted share, in the previous third quarter. Revenues grew in the company’s aerospace, combat systems, and marine systems, but fell 12.9 percent in its information systems and technology units.
Revenues fell 2 percent at Northrop Grumman, a defense contractor based in Falls Church. Revenues for the third quarter were $5.98 billion, down from $6.1 billion the previous year. Profit fell to $473 million, or $2.26 per diluted share, from $497 million, or $2.14 per diluted share, the previous year, primarily because of pension costs related to federal legislation. The company beat analyst expectations, however.