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General Dynamics fiscal Q1 profit climbs 14.4% YOY

General Dynamics Corp. said its normalized net income for the fiscal first quarter ended April 5 amounted to $1.88 per share, compared with the S&P Capital IQ consensus estimate of $1.94 per share.

EPS increased 18.7% year over year from $1.59.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $630.6 million, an increase of 14.4% from $551.3 million in the first quarter ended March 30, 2014.

The normalized profit margin rose to 8.1% from 7.6% in the year-earlier period.

Total revenue rose 7.1% year over year to $7.78 billion from $7.26 billion, and total operating expenses increased 6.2% year over year to $6.76 billion from $6.36 billion.

Reported net income rose 20.6% on an annual basis to $716.2 million, or $2.14 per share, from $593.8 million, or $1.71 per share.