General Dynamics (NYSE:GD) saw its stock dip 3% intra-day today after reporting fourth-quarter earnings that fell short of analyst projections. While revenue came in slightly ahead of expectations, earnings per share failed to meet forecasts, raising investor concerns.

The aerospace and defense company posted adjusted earnings per share of $4.15, below the anticipated $4.30. However, revenue climbed to $13.34 billion, surpassing the consensus estimate of $13.22 billion and reflecting a 14.3% year-over-year increase.

Despite the earnings miss, CEO Phebe N. Novakovic highlighted the company’s overall performance, pointing to steady growth in revenue and earnings across all four of its business segments.

For the full year 2024, General Dynamics generated $47.72 billion in revenue, marking a 12.9% increase compared to the prior year. The company’s Aerospace division, which includes Gulfstream business jets, reported a rise in deliveries, with 47 aircraft delivered in the quarter—up from 39 a year earlier. Large-cabin jet deliveries also increased to 42 from 32.

General Dynamics ended 2024 with a backlog of $90.6 billion, up 9.1% year-over-year. The book-to-bill ratio for the full year remained steady at 1-to-1, reinforcing the company’s solid order pipeline despite near-term earnings pressures.