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General Dynamics Releases Fiscal Statistics

General Dynamics (NYSE: GD) released first-quarter 2010 earnings from continuing operations of $599 million, or $1.54 per share on a fully diluted basis, compared with 2009 first-quarter earnings from continuing operations of $593 million, or $1.54 per share fully diluted. Revenues in the quarter were $7.75 billion. Net earnings for the first quarter of 2010 were $597 million, compared to $590 million in the first quarter of 2009.

According to GD, company-wide operating margins for the first quarter of 2010 were 11.8 percent, compared to 11 percent in the year-ago period. Aerospace and Combat Systems margin growth was especially strong, increasing by 240 basis points and 180 basis points, respectively.

Funded backlog at the end of first-quarter 2010 grew to $47.4 billion, a 3 percent increase over the end of the fourth quarter 2009. Significant orders received include contracts valued at $845 million for construction of two additional T-AKE combat-logistics ships and $115 million for construction materials for an additional DDG-51 destroyer for the U.S. Navy, and $515 million for Stryker vehicle production and support for the U.S. Army. The Information Systems and Technology group was awarded a contract valued at $340 million to initiate production of the second increment of Army’s next-generation on-the-move tactical battlefield network, called WIN-T. The Aerospace group saw strong order activity in the quarter, particularly among large-cabin Gulfstream aircraft.

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