: General Dynamics stock set to snap longest losing streak in 4 years after earnings beat expectations

Shares of General Dynamics Corp. GD climbed 1.9% in premarket trading Wednesday, putting them on track to snap a seven-session losing streak, after the aerospace and defense contractor beat third-quarter profit and revenue expectations as “strong demand” continued. Net income fell to $836 million, or $3.04 a share, from $902 million, or $3.26 a share, in the year-ago period, but that beat the FactSet consensus for earnings per share of $2.91. Revenue grew 6.0% to $10.57 billion, above the FactSet consensus of $10.05 billion, as better-than-expected revenue from the company’s marine systems, combat systems and technologies businesses offset a miss by aerospace. Backlog of $95.6 billion was the highest in the company’s history. The stock had lost 4.1% amid a seven-day losing streak through Tuesday, the longest such streak since the seven-session stretch that ended Nov. 26, 2019. Despite the losing streak, the stock has gained 6.9% over the past three months through Tuesday, while the S&P 500 SPX has lost 7.0%.

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