ProfitScout
2 months ago
General Dynamics Reports Third-Quarter 2024 Financial Results
Revenue of $11.7 billion, up 10.4% from year-ago quarter
Operating earnings of $1.2 billion, up 11.7% from year-ago quarter
Diluted EPS of $3.35, up 10.2% from year-ago quarter
Operating margin of 10.1%, a 10-basis-point expansion from year-ago quarter
RESTON, Va., Oct. 23, 2024 /PRNewswire/ -- General Dynamics (NYSE: GD) today reported third-quarter 2024 revenue of $11.7 billion, up 10.4% from the third quarter of 2023. Operating earnings of $1.2 billion were up 11.7% from the year-ago quarter. Diluted earnings per share (EPS) were $3.35, up 10.2% from the year-ago quarter. Operating margin for the quarter was 10.1%, a 10-basis-point expansion from the year-ago quarter.
"The company continues to see strong growth and steady improvement in operating performance," said Phebe Novakovic, chairman and chief executive officer. "Demand across the portfolio also remains strong in the current environment."
Gulfstream delivered 28 aircraft in the quarter, of which 24 were large-cabin aircraft, including four G700s. This compares with 27 aircraft delivered in the year-ago quarter, of which 22 were large cabin.
Cash and Capital Deployment
Net cash provided by operating activities in the quarter was $1.4 billion, or 152% of net earnings. During the quarter, the company paid $390 million in dividends, invested $201 million in capital expenditures, and used $44 million to repurchase shares, ending the quarter with $2.1 billion in cash and equivalents on hand.
Orders and Backlog
The consolidated book-to-bill ratio, defined as orders divided by revenue, was 1.1-to-1 for the quarter. Company-wide backlog was $92.6 billion. Estimated potential contract value, representing management's estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $45 billion. Total estimated contract value, the sum of all backlog components, was $137.6 billion.
In the Aerospace segment, orders in the quarter totaled $2.4 billion. The segment ended the quarter with backlog of $19.8 billion.
In the defense segments, orders in the quarter totaled $10.5 billion, with particular strength in the Combat Systems and Technologies segments. Significant awards in the defense segments included $885 million for various munitions and ordnance, with maximum potential value of $1.7 billion; $465 million, with maximum potential value of $1.7 billion, for two U.S. Army contracts for production of 155mm artillery projectile metal parts; $780 million, with maximum potential contract value of more than $6.7 billion including options, for the construction of additional John Lewis-class (T-AO-205) fleet replenishment oilers; $1.5 billion for long-lead materials for Block VI Virginia-class submarines; $840 million, with maximum potential value of $1 billion, for several key contracts for classified customers; and $605 million for multiple awards from the U.S. Space Development Agency to develop and integrate ground systems for the low-Earth orbit satellite network. A detailed list of significant awards is provided in Exhibit I.
About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $42.3 billion in revenue in 2023. More information is available at www.gd.com.
WEBCAST INFORMATION: General Dynamics will webcast its third-quarter 2024 financial results conference call at 9 a.m. EDT on Wednesday, October 23, 2024. The webcast will be a listen-only audio event available at www.gd.com. An on-demand replay of the webcast will be available by telephone two hours after the end of the call through October 30, 2024, at 800-770-2030 (international: +1 609-800-9909), conference ID 4299949. Charts furnished to investors and securities analysts in connection with General Dynamics' announcement of its financial results are available at http://www.gd.com.
This press release contains forward-looking statements (FLS), including statements about the company's future operational and financial performance, which are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "forecasts," "scheduled," "outlook," "estimates," "should" and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company's filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release contains some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.
ProfitScout
2 months ago
General Dynamics Business Units to Participate in AUSA 2024
RESTON, Va., Oct. 8, 2024 /PRNewswire/ -- Four business units of General Dynamics (NYSE: GD) will be among the exhibitors at the Association of the U.S. Army (AUSA) annual meeting and exposition, scheduled for Oct. 14-16 in Washington, D.C.
General Dynamics products and solutions on display at upcoming AUSA exposition in Washington D.C.
Following is a list of General Dynamics products and solutions that will be displayed at the event.
GENERAL DYNAMICS LAND SYSTEMS (Booth 703)
Mission Command on the Move: With modern Army command posts (at echelon) being too easily detected and too easily targeted on the modern, drone-saturated battlefield, GD Land Systems is displaying its concept for Mission Command on the Move (MCOTM). The MCOTM solution uses Human-Machine Integration (HMI) to reduce detectable friendly signatures across several spectrums, including visual, thermal, acoustic and electromagnetic. It also eliminates the need for noisy generators, cumbersome tents, extra support vehicles and other logistics burdens that consume valuable resources and manpower.
Featured in the Land Systems booth are three MCOTM-enabling vehicles making their public debuts:
Stryker MCOTM: With increased interior space thanks to a raised roofline, the Stryker MCOTM is the crewed hub that enables protected mission command on a short halt or on the move. Its hybrid-electric drive allows for silent mobility, silent watch and exportable power. It also boasts an integrated Active Protection System, Katalyst Next Generation Electronic Architecture with cyber defense, and individual communication devices for end-to-end secure communications, at echelon. Integrating innovative intra-command post communications helps substantively reduce electromagnetic signatures, enabling the MCTOM command post to "hide in plain sight."
MUTT XM: The newest member of the Land Systems family of Multi-Utility Tactical Transport robotic vehicles, the MUTT XM is bigger, faster and stronger than its predecessors and is hardened against electromagnetic interference. The 8x8 MUTT XM lightens the load as an equipment-carrying "robotic mule" but also has built-in flexibility for a wide variety of combat, combat support and combat service support functions and payloads. At AUSA, it will be outfitted with MIMIC spoofing technology from General Dynamics Mission Systems, providing a deployed layer of protection for the MCOTM command vehicles.
TRX Defender: How modular is the Tracked Robot 10-ton (TRX) robotic combat vehicle? It will be displayed with different ground- and air-defense payloads each of the three days at AUSA. Now in its third generation, the latest TRX is the Land Systems entry in the Army Robotic Combat Vehicle (RCV) competition with a 1:1 ratio for curb weight-to-payload. The TRX AUSA payloads are designed to provide perimeter defense against air and ground threats during an MCOTM operation, unencumbering subordinate units from being tasked for command post defense.
GENERAL DYNAMICS MISSION SYSTEMS (Booth 1003)
Integrated Mission Planning and Airspace Control Tools (IMPACT) demo: The IMPACT demo will show how the IMPACT software suite converges the mission-planning capabilities of the Aviation Mission Planning Systems (AMPS) with the airspace control capabilities of the Tactical Airspace Integration System (TAIS) into a single, role-based, hardware-agnostic, software-centric solution. IMPACT will span command post, mobile/handheld and mounted computing environments, including the Aviation Mission Command Server (AMCS) on aviation platforms and will provide for greater Army, joint and partner nation interoperability.
Smart Munitions: This exhibit will feature a host of key weapon subsystems capabilities comprised of Assured PNT capabilities, Software-Defined Radios (SDR) and guidance electronic units as part of an integrated solution to improve the kill chain for long-range precision fires and associated weapons platforms as well as networked anti-vehicle munition system.
Tactical Electronic Warfare System – Infantry (TEWS-I): TEWS-I is a dedicated, all-weather, 24-hour, ground-based tactical electronic support and electronic attack system. TEWS-I enables an infantry brigade combat team commander to detect, locate, and identify the enemy and gives the commander the capability to act/react/counter with non-lethal effects by denying, disrupting, and degrading the enemy's ability to communicate, coordinate, and synchronize. The dismount design is portable to other military and non-military vehicles, uncrewed Robotic Combat Vehicles (RCVs), and standalone dismount.
GPS Source Assured Positioning, Navigation and Timing (PNT) solutions: Fight Tonight and Modified Reception Pattern Antenna (MRPA) Assured PNT solutions for GPS-challenged environments are based on DoD- and Army-defined threat conditions and have scalable, low-cost and easy-to-install solutions for the majority of the Army tactical ground vehicle fleet.
Tactical Cross Domain Solutions (TACDS): General Dynamics Mission Systems is designing, building and delivering data protection products and solutions to secure our Nation's critical information. TACDS, our tactical cross domain solution (CDS), enables information to be shared and transmitted across different security domains across the most austere environments. Our CDS empowers the warfighter to share the right data with the right people at the right time.
Embedded Crypto: As a leading supplier of embedded cryptography, General Dynamics Mission Systems brings nearly 60 years of High Assurance system development experience to customer platforms. Our embedded crypto products range from boxes to boards to chips and include some of the most advanced hardware, software and mechanical designs, integrated to meet the community's high standards for lightweight, low-power, ruggedized components and security.
Advanced Vetronic Solutions: Using a scalable framework and a modular open standards approach, Advanced Vetronic Solutions meet the U.S. Government's Ground Combat Systems' Common Infrastructure Architecture requirements. With load balancing and containerized functionality, these advanced technologies allow for continued operation with no single point of failure. GDMS offers decades-long lifecycle support ensuring the U.S. Army's critical systems will continue to deliver as mission objectives evolve.
Ultra High Definition Tactical Displays: This advanced suite of ultra high definition multi-function and smart displays allow for multiple high-resolution feeds from any sensor or camera with low latency to enable more efficient decision-making, driving, targeting, and stabilization in near real time. These displays present clear visibility of surroundings and improved detection of obstacles and are capable of withstanding the harshest environments without compromising performance.
GENERAL DYNAMICS ORDNANCE AND TACTICAL SYSTEMS (GD-OTS) (Booth 721)
Weapon Systems - Iron Fist Active Protection System (APS): Iron Fist is the trusted Active Protection System that utilizes independent optical sensors, tracking radar, launchers and countermeasure munitions to defeat threats at a safe distance. General Dynamics Ordnance and Tactical Systems and Elbit Systems have teamed to offer this solution.
155mm Artillery Systems Integrator: General Dynamics Ordnance and Tactical Systems is an end-to-end solutions provider of projectile metal parts, Load, Assemble, Pack (LAP), and Modular Artillery Charges (MACS) for the artillery enterprise, as well as a full-spectrum artillery systems integrator. Our multi-mission suite of 155mm artillery munitions allows near-precision strikes at greater standoff ranges.
Missile Subsystems: From warheads to solid rocket motor cases, hydra rockets to GMLRS launch pod containers, and more, GD-OTS is a key supplier on major strategic and tactical missile programs. With world-class expertise in the design, analysis, production, and testing of large and small components, General Dynamics Ordnance and Tactical Systems is the reliable partner in providing the best solution for missile subsystem requirements.
GENERAL DYNAMICS INFORMATION TECHNOLOGY (GDIT) (Booth 907)
From unified network development, training and operations to next-generation command and control, GDIT offers the capabilities and services needed for the Army to take multi-domain operations from vision to reality. From the enterprise to the edge, GDIT provides innovative technology solutions that advance the Army's mission. These solutions include:
Zero Trust and Mission Partner Environments (MPE): Our Zero Trust and MPE solutions enable easy, secure and dynamic data sharing at the enterprise and in theater. When integrated with our 5G solutions, they further enhance mission effectiveness.
Tactical 5G and Advanced Wireless: Our next generation 5G solution enables seamless real-time communication between soldiers on the tactical edge and commanders in the field. This connection advances situational awareness in contested environments.
AI-Assisted Software Factory and Digital Engineering: We provide secure digital engineering solutions to allow cross-functional teams to collaborate and make better decisions as they manage, create and test digital prototypes before investing in live solutions. GDIT applies these capabilities to Army modernization priorities ranging from tactical vehicle and weapons systems development to enterprise network operations.
Artificial Intelligence: From machine-assisted network operations to the integration of sensors, our AI solutions rapidly process data and turn it into actionable intelligence. This enables information advantage that has direct mission impact in multiple areas, including advanced training and intelligence, surveillance and reconnaissance.
NOTE TO EDITORS
For more information on these solutions or for stock imagery, contact our media representatives:
General Dynamics Land Systems: Robin Porter, 248-459-9200, porterr@gdls.com
General Dynamics Mission Systems: Joe Sowers, 202-309-7583, joseph.sowers@gd-ms.com
General Dynamics Ordnance and Tactical Systems: Berkley Whaley, 727-503-4897, berkley.whaley@gd-ots.com
General Dynamics Information Technology: Oliver Nutt, 571-581-5567, oliver.nutt@gdit.com
Follow us on X during the show:
General Dynamics Land Systems: @GD_LandSystems
General Dynamics Mission Systems: @GDMS and @GDMS_C
General Dynamics Ordnance and Tactical Systems: @GD_OTS
General Dynamics Information Technology: @GDIT
About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company offering a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people across 65 countries worldwide and in all 50 U.S. states, generating $42.3 billion in revenue in 2023. More information is available at http://www.gd.com.
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SOURCE General Dynamics
ProfitScout
3 months ago
General Dynamics NASSCO Receives Additional Eight-Ship Contract to Build T-AO 10-17
September 13 2024 - 5:09PM
PR Newswire (US)
NASSCO is currently under contract for the first nine ships of the class, and has delivered three to date. With this award the company will build seventeen of the Navy's twenty-ship program of record.
SAN DIEGO, Sept. 13, 2024 /PRNewswire/ -- General Dynamics NASSCO, a subsidiary of General Dynamics (NYSE: GD), announced today that it has received a block-buy contract from the U.S. Navy for the construction of up to eight additional John Lewis-class fleet replenishment oilers (T-AO 214 through 221) . The tenth ship, and first under the new contract, has been awarded for $780 million. If all eight ships are ultimately exercised, and including incentives and other contract options in support of those ships, the contract value will total over $6.7 billion.
"We are pleased to continue building these ships, with seventeen of the Navy's twenty-ship program of record now on contract. This will make the T-AO program the longest Navy production series in NASSCO history," said Dave Carver, president of General Dynamics NASSCO. "The NASSCO team is honored to continue working with our Navy customer and thankful for their unwavering support."
In 2016, the Navy awarded NASSCO with a contract to design and build the first six ships in the next generation of fleet oilers, the John Lewis-class. In 2022, that contract was modified to add an additional three oilers (T-AO 211 – 213). Designed to transfer fuel to U.S. Navy ships operating at sea, the 742-feet vessels have a full load displacement of 49,850 tons, capacity to carry 162,000 barrels of oil and significant amounts of dry cargo, as well as providing aviation capability while traveling at speeds up to 20 knots.
The first ship, USNS John Lewis (T-AO 205), was delivered to the U.S. Navy in July 2022. The USNS Sojourner Truth (T-AO 210) and the USNS Thurgood Marshall (T-AO 211) are currently under construction, while the USNS Lucy Stone (T-AO 209) will be christened and launched on September 21, 2024. Start of construction for the USNS Ruth Bader Ginsburg (T-AO 212) will be in October 2024.
General Dynamics NASSCO specializes in the design and construction of Navy and commercial ships and is a major provider of repair services for the U.S. Navy, with capabilities in San Diego, California; Norfolk, Virginia; Mayport, Florida; and Bremerton, Washington. More information about General Dynamics NASSCO is available at www.nassco.com.
General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $38.5 billion in revenue in 2021. More information about General Dynamics is available at http://www.gd.com.
A U.S. Navy John Lewis-class fleet replenishment oiler in San Diego harbor. General Dynamics NASSCO was awarded a block-buy contract on Sept. 13 to build up to eight additional such ships, for a potential contract value of more than $6.7 billion.
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SOURCE General Dynamics NASSCO
ProfitScout
4 months ago
General Dynamics Mission Systems Awarded $491.6 Million Design and Development Contract for Space Development Agency's Ground, Management and Integration Program
September 04 2024 - 5:00PM
PR Newswire (US)
Building upon the innovation and success of the Tranche 1 Operations and Integration contract, General Dynamics will evolve the ground system architecture under the Ground, Management and Integration program to support development of Proliferated Warfighter Space Architecture mission capabilities for future tranches.
FAIRFAX, Va., Sept. 4, 2024 /PRNewswire/ -- General Dynamics Missions Systems, a business unit of General Dynamics (NYSE:GD), announced today it was awarded a $491.6 million contract by the Space Development Agency (SDA) to perform design, analysis, engineering studies, and technical augmentation for their Ground Management and Integration (GMI) program's integrated ground system. General Dynamics and teammate Iridium builds upon the Tranche 1 (T1) Operations and Integration contract to provide additional Tranche 2 (T2) capabilities under GMI, delivering a fully functional integrated ground system for the SDA's Proliferated Warfighter Space Architecture (PWSA).
GDMS, a business unit of General Dynamics, announced today it was awarded a $491.6 million contract by the Space Development Agency (SDA) to perform design, analysis, engineering studies, and technical augmentation for their Ground Management and Integration (GMI) program’s integrated ground system.
"As SDA continues to address the space-based demands of our joint warfighter community to enhance responsiveness and advantage, I'm proud of our team's accomplishments and inspired by their steadfast commitment to 'semper citius'," said Amy Johnson, vice president and general manager for the Space, Cyber & Intelligence Systems line of business with General Dynamics Mission Systems. "Our strong T1 performance and extensive systems integration experience enable us to deliver an extensible PWSA ground system at the pace of SDA."
Under this contract, General Dynamics will work with SDA and key stakeholders to develop and deliver a Tranche-agnostic ground system for PWSA. In addition, General Dynamics will perform enterprise integration for the T2 constellation. Specifically, General Dynamics and Iridium will provide all services required for the evolution, expansion, integration, testing and maintenance of the ground entry points, operations centers, enterprise test and checkout capabilities and infrastructure management, including all development, systems engineering, integration, testing, maintenance, and site support.
General Dynamics Mission Systems provides mission-critical solutions to defense, intelligence and cyber-security customers across all domains. Headquartered in Fairfax, Virginia, General Dynamics Mission Systems employs more than 12,000 people worldwide. More information about General Dynamics Mission Systems' broad portfolio of capabilities is available at gdmissionsystems.com.
General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $42.3 billion in revenue in 2023. More information about General Dynamics is available at http://www.gd.com.
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SOURCE General Dynamics
ProfitScout
10 months ago
General Dynamics European Land Systems - Steyr awarded $1.3 billion contract to build 225 PANDUR EVO wheeled armored vehicles for Austria
VIENNA, Feb. 20, 2024 /PRNewswire/ -- General Dynamics European Land Systems - Steyr (GDELS) announced that it has been awarded a contract to deliver an additional 225 PANDUR 6x6 EVO wheeled armored vehicles to the Austrian Armed Forces. The contract has an initial value of 1.2 billion euros (U.S. $1.3 billion).
The compact, high-performance PANDUR EVO 6x6 is built at GDELS’ Steyr facility in Vienna Simmering, the national center of excellence for wheeled and tracked protected military mobility.
The compact, high-performance PANDUR EVO 6x6 is built at GDELS’ Steyr facility in Vienna Simmering, the national center of excellence for wheeled and tracked protected military mobility.
GDELS already has 100 PANDUR EVO vehicles under contract, with the third batch currently in production and delivery. In addition to the delivery of state-of-the-art personnel carriers and flexible conversion kits for medical, and command & control missions, the order includes eight new vehicle variants, including vehicles equipped with a 120 mm mortar combat system, as well as mobile air defense and electronic warfare variants.
"Today's procurement decision marks an extraordinary milestone in the history of our PANDUR and underlines the globally unique performance and multi-role capability of this wheeled armored vehicle family," said GDELS President Antonio Bueno. "Since the very beginning, Austria has been one of GDELS' home countries. Consequently, we are fully dedicated and proud to continuing our proven, trusted partnership by providing the Austrian Armed Forces with enhanced military mobility, while at the same time contributing to sustainable macroeconomic added-value together with our many industry partners."
The compact, high-performance PANDUR EVO 6x6 is built at GDELS' Steyr facility in Vienna Simmering, the national center of excellence for wheeled and tracked protected military mobility. Preceding versions of the PANDUR EVO have been in service with the Austrian Armed Forces since 1996. Around 850 PANDUR in 6x6 and 8x8 configurations are fielded worldwide today. Other users include Belgium, the Czech Republic, Indonesia, Kuwait, Portugal, Slovenia, and the U.S.
General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people across 65 countries worldwide and generated $42.3 billion in revenue in 2023. More information about General Dynamics is available at http://www.gd.com. More information about General Dynamics European Land Systems is available at http://www.gdels.com.
SOURCE General Dynamics
ProfitScout
1 year ago
General Dynamics Ordnance and Tactical Systems Awarded $218 Million to Expand Artillery Production
12:00 pm ET October 2, 2023 (PR Newswire)
Supports capacity to produce 50,000 artillery rounds per month by 2025
General Dynamics Ordnance and Tactical Systems (OTS), a business unit of General Dynamics (NYSE: GD), announced today it was awarded a $218 million initial task order for 155mm M1128 Load, Assemble, and Pack (LAP). The task order, awarded under a $974 million multiyear firm-fixed-price U.S. Army contract awarded to OTS and another company, includes funding for M1128 facilitization and production at OTS's operations in Camden, Arkansas.
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OTS was awarded a similar contract in February 2023 for M795 LAP facilitization of 20,000 rounds per month. Combined, the two awards support 50,000 rounds per month of new LAP capacity by 2025.
This contract will fund the installation of a LAP facility using modernized processes and air-cooling technology to improve thequality and efficiency of the 155mm artillery LAP process, while leveraging more environmentally responsible methods to reduce hazardous waste.
"We are proud to be expanding our role as a key industrial partner for the U.S. Army, as it plans and manages efforts to increase and accelerate U.S. artillery production," said Kevin Fahey, senior vice president and general manager.
General Dynamics Ordnance and Tactical Systemsis a global leader in the design, engineering and production of munitions, energetics, weapons, armaments, and missile subsystems around the world. General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems, and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $39.4 billion in revenue in 2022.
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SOURCE General Dynamics
ProfitScout
2 years ago
General Dynamics Reports First-Quarter 2023 Financial Results
7:00 am ET April 26, 2023 (PR Newswire) Print
-- Revenue of $9.9 billion, up 5.2% year over year
-- Net earnings of $730 million, diluted EPS of $2.64
-- $1.5 billion cash from operating activities
General Dynamics (NYSE: GD) today reported first-quarter 2023 net earnings of $730 million on revenue of $9.9 billion. Diluted earnings per share (EPS) were $2.64.
"Our businesses delivered solid operating results despite persistent supply chain headwinds, with earnings before taxes up 3.7% and EPS up modestly," said Phebe N. Novakovic, chairman and chief executive officer. "Strong cash flow positions us to continue to invest in our business, retire debt and return value to shareholders."
Cash Net cash provided by operating activities in the quarter totaled $1.5 billion, or 200% of net earnings. The company invested $161 million in capital expenditures and paid $345 million in dividends, ending the quarter with $2 billion in cash and equivalents.
Backlog The consolidated book-to-bill ratio, defined as orders divided by revenue, was 0.9-to-1 for the quarter. Company-wide backlog of $89.8 billion was up 3% from the year-ago quarter. Estimated potential contract value, representing management's estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $38.5 billion. Total estimated contract value, the sum of all backlog components, was $128.4 billion.
Significant awards for the defense segments included more than $1.1 billion to produce and support Abrams tanks, Stryker combat vehicles and other armored vehicles for the U.S. Army and partner nations, including Poland and Colombia; $285 million, with a maximum potential value of $1.3 billion, to expand production of 155mm artillery projectile parts, plus $255 million for various other munitions and ordnance; an Air Force IDIQ service contract with maximum potential value of $4.5 billion between two awardees; $130 million, with a maximum potential value of $1.7 billion, to provide flight simulation and training services to the Army; $260 million from the U.S. Navy for maintenance and modernization of two amphibious ships and a destroyer; and $400 million for several key classified contracts. A detailed list of significant awards is provided in Exhibit G.
About General Dynamics Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $39.4 billion in revenue in 2022. More information is available at www.gd.com.
WEBCAST INFORMATION: General Dynamics will webcast its first-quarter 2023 financial results conference call at 9 a.m. EDT on Wednesday, April 26, 2023. The webcast will be a listen-only audio event available at www.gd.com. An on-demand replay of the webcast will be available by telephone two hours after the end of the call through May 3, 2023, at 800-770-2030 (international: +1 647-362-9199), conference ID 4299949. Charts furnished to investors and securities analysts in connection with General Dynamics' announcement of its financial results are available at http://www.gd.com.
This press release contains forward-looking statements (FLS), including statements about the company's future operational and financial performance, which are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "forecasts," "scheduled," "outlook," "estimates," "should" and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company's filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release contains some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at http://investorrelations.gd.com.
ProfitScout
2 years ago
General Dynamics Electric Boat Awarded $5.1 billion by U.S. Navy for Columbia-Class Submarines
5:49 pm ET December 21, 2022 (PR Newswire)
General Dynamics Electric Boat announced today the U.S. Navy has awarded a $5.1-billion modification of the previously awarded Columbia Integrated Product and Process Development Contract for the Columbia class of submarines, the nation's next-generation sea-based strategic deterrent.
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Electric Boat is the prime contractor on the Columbia program, which will replace the aging Ohio class ballistic missile submarines. The District of Columbia (SSBN 826) and Wisconsin (SSBN 827) are presently under construction.
The contract modification has a value of $5,134,324,189. Work will be performed in Groton, Connecticut; Quonset Point, Rhode Island; and Newport News, Virginia; and is expected to be completed by October 2030. The award funds advance procurement and advance construction of critical components and material to support Build II (the next five ships in the class), efforts to support continuous missile tube production, enhancements to develop the Submarine Industrial Base, and sustained class maintenance and support.
"This award enhances Electric Boat's efforts to maintain the Columbia-class production and delivery schedule. Advance procurement of long lead time materials and component construction is critical to the program, and the strategic investments in the development and expansion of the Submarine Industrial Base will help stabilize and grow the supply chain, which increases manufacturing capacity, reduces risk, and ultimately drives timely delivery of submarines to the Navy," said Kevin Graney, president of General Dynamics Electric Boat.
At 560 feet long with a displacement of nearly 21,000 tons, the submarines of the Columbia class will be the largest ever built by the United States. Ships of the Columbia class will have a fuel core that will power the submarine for its entire service life, eliminating the need for a mid-service refueling. Electric Boat will deliver the lead ship to the Navy in 2027.
General Dynamics Electric Boat designs, builds, repairs and modernizes nuclear submarines for the U.S. Navy. Headquartered in Groton, Connecticut, the company employs more than 19,000 people. More information about General Dynamics Electric Boat is available at www.gdeb.com.
General Dynamics (NYSE:GD) is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $38.5 billion in revenue in 2021. More information about General Dynamics is available at www.gd.com.
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SOURCE General Dynamics
ProfitScout
2 years ago
Epirus, General Dynamics Land Systems Unveil Integrated Counter-Electronics System Stryker Leonidas
October 05 2022 - 09:00AM
PR Newswire (US)
In just ten months, Epirus and GD transformed system from concept to field demonstrated with successful denial of multiple electronic targets
Highlights:
Successful integration of Epirus' Leonidas high-power microwave (HPM) array with General Dynamics Land Systems Stryker ground combat vehicle, one year after the companies inked a strategic teaming agreement in October of 2021.
Leonidas' software weaponeering and modular architecture paired with the Stryker's track-record of combat effectiveness enable unprecedented counter-electronics capabilities for the maneuver force.
Tested and proven counter-swarm capabilities and planned system enhancements will deliver overmatch capabilities against present and future electronic threats.
WASHINGTON, Oct. 5, 2022 /PRNewswire/ -- Epirus, a high-growth technology company developing directed energy systems that enable unprecedented counter-electronics effects and General Dynamics Land Systems (GD), a global leader in providing innovative, high technology and next-generation ground combat solutions to customers around the world announced today the introduction of Stryker Leonidas.
A working prototype of the Stryker Leonidas system at a recent field demonstration
After signing a strategic teaming agreement in October 2021, the companies have successfully integrated Epirus' high-power microwave array with the Stryker ground combat vehicle and will unveil the integrated system at the Association of the U.S. Army's (AUSA) Annual Meeting & Exposition in Washington, D.C.
Developed in under a year, Stryker Leonidas was recently field demonstrated at a U.S. government testing site successfully disabling individual drone targets and swarms of drones. The integration of Leonidas, the world's most powerful HPM phased array, with Stryker, the U.S. Army's largest and most reliable combat vehicle fleet brings counter-electronics capabilities to the frontlines – providing a proven and cost-effective layered defense solution for the maneuver force.
"The integration of Epirus' Leonidas system with General Dynamics Land System's Stryker vehicle provides the U.S. Army a cost-effective, maneuverable and tested defense capability against current and emerging threats to the warfighter," said Leigh Madden, Chief Executive Officer of Epirus. "Epirus' culture of innovation and GD's decades-long track record of delivering cutting-edge solutions will only continue as we work together to develop further capabilities."
Leonidas' counter-swarm effectiveness fills a pressing short range air defense (SHORAD) capability gap for the joint force as the threat of swarming drones continues to endanger troops and civilians overseas and in the homeland.
The continued evolution of adversaries' swarming drone capabilities is matched by Epirus' software-weaponeering capabilities, which allows the system to continually intake new data, rapidly update its sophisticated waveforms and expand its magazine depth for enhanced SHORAD mission assurance across all domains. With its open architecture, Leonidas can integrate with a range of Command-and-Control (C2) platforms to detect, track and defeat the increasing deployment of drone technology by adversaries and non-state actors.
"Adding Leonidas' counter-electronics capabilities to the Stryker combat vehicle provides the joint force with unmatched mobile protection from the continuously evolving threat of weaponized drones," said Gordon Stein, Vice President of U.S. Operations at General Dynamics Land Systems. "As the Army's largest combat vehicle fleet, Stryker is combat-proven, cost-effective, highly mobile, versatile, sustainable and transportable and continues to be a highly sought platform beyond the Stryker Brigade Combat Team formations."
Stryker Leonidas is the latest edition to Epirus' suite of HPM systems – along with the company's ground-based Leonidas system for surface-to-air defense and Leonidas Pod, a first-of-its kind, mobile and compact HPM system. When deployed in tandem, the Leonidas family of products create a layered counter-swarm and counter-electronics field of protection. Epirus is also actively exploring future capabilities to defend against next-generation threats.
Epirus (Booth #253) and GD (Booth #801) will participate in this year's AUSA Annual Meeting & Exposition in Washington, D.C. (October 10-12) to showcase a full-scale Stryker Leonidas prototype on display in the GD exhibit.
ABOUT EPIRUS:
Epirus is a high-growth technology company developing solid-state, software-defined directed energy systems that enable unprecedented counter-electronics effects and power management solutions to optimize power efficiency in defense and commercial applications. With a constant emphasis on innovation, we are redefining the future of power to bring tomorrow's capabilities to life, today. And that's just the beginning. Visit our website to learn more about our innovative approach and cutting-edge product lines.
ABOUT GDLS:
Land Systems is a business unit of General Dynamics (NYSE: GD). Land Systems provides innovative design, engineering, technology, production, fielding and full life-cycle support for land combat vehicles around the globe. The company's extensive experience, customer-first focus and seasoned supply chain network provide unmatched capabilities to the U.S. military and its allies.
Epirus
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SOURCE Epirus
ProfitScout
2 years ago
General Dynamics business units to participate in AUSA 2022
RESTON, Va., Oct. 4, 2022 /PRNewswire/ -- Four business units of General Dynamics (NYSE:GD) will be among the exhibitors at the Association of the U.S. Army's Annual Meeting & Exposition, scheduled for October 10 to 12, 2022, at the Walter E. Washington Convention Center in Washington, D.C.
Rendering of General Dynamics Land Systems' TRX Breacher, StrykerX, AbramsX and Stryker Leonidas.
The following is a list of General Dynamics products and solutions that will be displayed at the event.
General Dynamics Land Systems (Booth 801)
AbramsX: A main battle tank for the next generation, the AbramsX technology demonstrator features reduced weight for improved mobility and transportability, delivering the same tactical range as the M1A2 Abrams with 50% less fuel consumption. The AbramsX's hybrid power pack supports the U.S. Army's climate and electrification strategies, enhances silent watch capability and even allows for some silent mobility. With a reduced crew size and AI-enabled lethality, survivability, mobility, manned/unmanned teaming (MUM-T) and autonomous capabilities, AbramsX can be a key node in lethal battlefield networks and serve as a bridge from Abrams SEPv3 and SEPv4 to a future tank.
StrykerX: Supporting the Army's climate and electrification strategies, the StrykerX technology demonstrator brings to the Stryker family of vehicles capabilities such as silent movement, silent watch, exportable electric power and reduced fuel consumption via a hybrid diesel-electric power pack. StrykerX features a side-by-side crew compartment and more space for the infantry squad. Soldiers inside StrykerX are protected by an integrated Active Protection System and advanced electronic architecture with cyber defense. StrykerX's array of sensors provide its occupants 360-degree situational awareness and see-through armor capability.
Stryker Leonidas: This technology demonstrator adds counter-electronics capabilities to the Stryker family of vehicles via Epirus' Leonidas high-power microwave array. Stryker Leonidas' unlimited magazine depth for counter-electronics missions – counter-UAS among them – adds a key level to layered, mobile short-range air defense (M-SHORAD) for armed forces. Stryker Leonidas features on-board and networked target acquisition and the mobility to accompany all maneuver formations. The system successfully defeated individual targets and swarms of drones during a recent field demonstration.
TRX Breacher: The Tracked Robot 10-ton (TRX) technology demonstrator supports Army objectives for a Robotic Combat Vehicle, executing dull, dirty and dangerous missions so Soldiers don't have to. TRX's Breacher payload is designed to perform dangerous obstacle-reduction tasks and is the result of a partnership with Pearson Engineering. TRX's flatbed design integrates any payload with a class-leading payload-to-chassis ratio of 1:1. TRX is able to maneuver at speed with all formations and is transportable on CH-47 and C-130 aircraft. TRX also generates exportable power to support mission command operations and is hybrid-electric in support of the Army's climate and electrification strategy.
Mobile Protected Firepower (MPF): GD Land Systems won the Army's MPF competition in 2022 and has been awarded an initial low-rate-initial-production contract. The MPF vehicle has commonality with the Abrams SEPv3 turret systems and has larger-caliber main gun growth capability to provide firepower to Infantry Brigade Combat Teams (IBCTs). The MPF features add-on armor panels and under-vehicle IED protection, plus proven ammunition compartmentation for crew safety. Its high power-to-weight ratio and hydro-pneumatic suspension provide outstanding speed and cross-country maneuverability. MPF meets all transport mode specifications and is recoverable with organic IBCT assets.
Autonomous Vehicle Sustainment (AVS): Moving from reactive to predictive maintenance, GD Land Systems' Prognostic & Predictive Maintenance (PPMx) solution optimizes equipment performance and increases operational readiness while reducing the Army's cost of ownership of vehicle fleets. The on-platform Health, Usage, Monitoring System (HUMS/S42) is integrated with Next Generation Electronic Architecture to provide forward-looking, real-time Decision Actionable Logistics Information (DAI).
General Dynamics Mission Systems (Booth 1106)
Google Anthos For the Tactical Edge: In collaboration with Google Public Sector, GD Mission Systems will demonstrate how the Google Anthos platform has been adapted to automate application deployment and configuration management in a disconnected, intermittent and limited (DIL) environment, in support of operations at the tactical edge, making mission planning easier, faster and more collaborative. GD Mission Systems will demonstrate the seamless traversing of disparate networks to a common, cloud-based, data storage solution that provides continuity of data. This demo will build on the successful demo held at the AFCEA TechNet show in August.
Live Training Demo: This live training solution provides a software-based, tailorable and fully immersive training experience based on the Mk19 weapon system. Partnering with the best of industry to leverage commercial off-the-shelf technologies and featuring the new Magic Leap 2 immersive augmented reality headset, this solution provides capabilities now and sets the foundation for future live training solutions supporting the Army's complex, multi-domain fight.
Command & Control (C2) Capabilities Demo: This demo features a live demonstration of GD Mission Systems' battle management applications that empower tactical leaders to efficiently analyze, plan, rehearse, execute and review strategic operations. Backed by an innovative, resilient network solution and linked to a vehicle in the General Dynamics Land Systems booth, this GeoSuite solution utilizes an intuitive, map-centric interface, including unique multimedia tools, advanced planning capabilities and visualizations specifically focused on the operational environment. With a focus on rapid dissemination and sharing of critical information, GeoSuite delivers real-time, actionable intelligence and situational data in DIL environments.
Integrated Mission Planning and Airspace Control Tools (IMPACT) Demo – The IMPACT demo will provide attendees an understanding of how the IMPACT software suite converges the mission-planning capabilities of the Aviation Mission Planning Systems (AMPS) with the airspace control capabilities of the Tactical Airspace Integration System (TAIS) into a single, role-based, hardware-agnostic, software-centric solution. IMPACT will span command post, mobile/handheld and mounted computing environments, including the Aviation Mission Command Server (AMCS) on aviation platforms and will provide for greater Army, Joint and partner nation interoperability.
Common Hardware Systems-5 (CHS-5): Common Hardware Systems-5 (CHS-5) provides U.S. military customers rapid, affordable access to a wide range of COTS computing and network equipment for tactical operations. GD provides technical assistance and logistics support for a wide range of services, from the rapid repair and replacement of equipment at strategically located Regional Support Centers to the deployment of field service personnel to CHS-5 user locations worldwide. Available to all military services and across the federal government, the CHS-5 contract is a "one-stop shop" for tactical IT hardware solutions that now features a new Basic Purchase Option for greater ease of use.
GPS Source Assured Position, Navigation and Timing (APNT): APNT solutions such as the Mounted Assured PNT (MAPS GEN-1) and the new Horizon Nuller antenna provide critical timing and position data solutions in GPS-denied and GPS-degraded environments. MAPS GEN-1, based on the GPS Source SENTRySCOUT system, provides valid and APNT data, independent of the availability or integrity of GPS signals. The core of the MAPS GEN-1 system, the ED3 PNT Hub, is widely utilized in a variety of ground vehicle applications and is the lead platform for Military GPS User Equipment (MGUE). MAPS GEN-1 is currently being fielded by the Army, and the next generation of APNT system is in development.
Shadowcat Radio: The new Shadowcat radio provides a modern, affordable, resilient radio for squad-level communications in contested environments. Its advanced RF technology makes it less detectable and susceptible to interference and jamming attempts of the radio's transmission by adversaries. As additional Shadowcats are added to the network, they work together, offering the resilience of distributed, cooperative beamforming that increases the effective signal power, increases communication range and provides directional diversity to overcome physical obstructions, such as foliage, buildings and jamming.
Tactical Electronic Warfare Systems (TEWS): GD Mission Systems will feature a selection of electronic warfare products that provide users with the capability to quickly detect, locate and identify a wide range of signals in the electromagnetic spectrum to quickly deliver the right information at the right time for situational awareness. The Tactical Electronic Warfare System (TEWS) is a dedicated all-weather, 24-hour, ground tactical electronic support and electronic attack system that provides the commander with options to create multiple dilemmas to a designing enemy by decreasing the sensor to shooter timeline.
SATCOM-on-the-Move: SATCOM-on-the-Move (SOTM) antennas provide secure, beyond-line-of-sight communications for troops operating in remote locations. Designed for rugged tactical environments, these antennas can be mounted on fast-moving vehicles, aircraft and UAVs to provide reliable X-, Ku- or Ka- Mil and commercial band satellite communications anytime, anywhere.
truMLS: truMLS is an open-platform solution that eliminates the need for multiple networks, applications and endpoints at varying security and access levels. By streamlining multilevel information access into a single access point, customers can increase assured information sharing, improve IT system efficiencies and lower costs using the tools designed for easy application and enhanced management.
MD9016 Tactical Displays: GD Mission Systems-Canada's MD9016 ultra-high-definition tactical displays will be demonstrated for the first time at AUSA. Whether installed on a light armored vehicle, infantry fighting vehicle or main battle tank, these new widescreen displays enable flexible multirole configurations for enhanced situational awareness and near-panoramic views. As part of the 9000 series of displays, the MD9016 offers crystal-clear visibility of surroundings and improved detection of obstacles with 4K resolution.
Advanced Vetronics Systems: GD Mission Systems-Canada's suite of advanced vetronics capabilities includes ultra-high-definition displays (4K), embedded computing, low-latency video management, intelligent fire control and stabilization, enabling firing programmable ammunition, networking, power and communication. With real-time situational awareness, high-performance computing and built-in cyber protection, these solutions are tailored for mission success. Using a modular open standards approach and a scalable framework, GD Mission Systems' advanced technologies come with decades-long lifecycle support so that critical systems stand the test of time.
General Dynamics Ordnance and Tactical Systems (Booth 827)
Iron Fist Active Protection System (APS): Iron Fist is the trusted active protection system responsible for safeguarding the nation's most valuable asset, the U.S. Soldier. Iron Fist uses independent optical sensors, tracking radar, launchers and countermeasure munitions to defeat threats at a safe distance. The system provides 360-degree next-generation protection coverage for crew and vehicle survivability in open terrain and urban environments. Its low-SWaP, high-modularity design and ease of integration position Iron Fist as an optimal active protection solution for any fighting vehicle. GD Ordnance and Tactical Systems and Elbit Systems have teamed to offer a superior solution to protect soldiers.
XM1210: The XM1210 combines guidance capability with warhead lethality to form a solution compatible with the Army's future Extended Range Cannon Artillery (ERCA) system. The XM1210 is redefining the range of cannon artillery, demonstrating more than 70 kilometers from a 58-caliber cannon. This solution provides the ability to deliver near-precision strike capability and greater standoff distance for artillery forces from enemy fire, ultimately enhancing performance and increasing safety for the artillery warfighter.
Individual Assault Munition (IAM): Nested in the Army's Soldier Lethality requirement, the IAM is a force enabler that will allow U.S. forces to dominate complex and urban terrain and to engage targets from protected positions without exposing soldiers to enemy fires and effects. The one-shot, disposable, shoulder-launched weapon will combine the best capabilities of the M72 Light Anti-Tank Weapon, M136 Anti-Tank Weapon, M136E1 and M141 Bunker Defeat Munition, and replace them with a single munition. GD Ordnance and Tactical Systems and Dynamit Nobel Defence (DND) have teamed to offer superior shoulder-launched technology, leveraging DND's Recoilless Grenade Weapon (RGW) family of shoulder-launched munitions to satisfy IAM requirements.
General Dynamics Information Technology (GDIT) (Booth 1106)
Digital Engineering Environment (DEE): GDIT provides a secure "digital framework" to allow cross-functional teams to collaborate and make better decisions as they manage, create and test digital prototypes before investing resources in live solutions. DEE allows its users to create more complete solutions to their problems, at lower risk and with long-term cost savings. DEE can transform applications ranging from weapon system developments to enterprise IT.
Zero Trust: Zero trust is accelerating cybersecurity efforts across the federal government. Using technologies such as AI and automation, GDIT delivers advanced cyber capabilities that drive a federated zero trust capability for enterprise and tactical deployments and protect agencies against current and emerging threats.
Identity, Credentialing and Access Management (ICAM): ICAM is the U.S. Defense Department's premier access management solution and is foundational to zero trust implementation. GDIT has developed a federated ICAM solution that allows organizations to share identity information across an enterprise while maintaining local control and knowledge of who and what is on the network at any time. From the enterprise to the edge, GDIT demonstrates ICAM use cases tailored for disconnected environments.
Common Hardware Systems (CHS-6): Leveraging the power of General Dynamics and 25-plus years of proven delivery to our customer, GDIT combines expertise operating global supply chains with the interoperable commercial technology solutions our warfighters demand.
For more information on these solutions or for stock imagery, contact our media representatives:
General Dynamics Land Systems: Robin Porter, 248-459-9200, porterr@gdls.com
General Dynamics Mission Systems: Tom Crosson, 202-309-7583, tom.crosson@gd-ms.com
General Dynamics Ordnance and Tactical Systems: Berkley Whaley, 727-503-4897, berkley.whaley@gd-ots.com
General Dynamics Information Technology: Oliver Nutt, 703-852-1599, oliver.nutt@GDIT.com
Follow #GDatAUSA for General Dynamics news during the show.
General Dynamics Land Systems: @GD_LandSystems
General Dynamics Mission Systems: @GDMS and @GDMS_C
General Dynamics Ordnance and Tactical Systems: @GD_OTS
General Dynamics Information Technology: @GDIT
About General Dynamics. Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company offering a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people across 65 countries worldwide and in all 50 U.S. states, generating $38.5 billion in revenue in 2021. More information is available at http://www.gd.com.
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SOURCE General Dynamics
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