For the quarter ended Sept. 29, the company's aerospace segment which makes Gulfstream business jets saw revenue rise to $2.4 billion, up 22.1% from a year ago. But profit margins were 12.3%, lower by nearly a percentage point compared to the same period a year ago.

General Dynamics (NYSE:GD) boosted earnings and revenue in the third quarter on solid demand for its Gulfstream business jets and defense unit's combat systems. Shares of General Dynamics (GD) fell as much as 1.

General Dynamics reported a more than 10% rise in third-quarter revenue on Wednesday, driven by strength in its defense units amid sustained demand for military munitions and vehicles. The Reston, Virginia-based company reported quarterly revenue of nearly $11.