General Dynamics (NYSE: GD) has announced financial results for both the fourth quarter and full 2014 fiscal year.
Revenue for the fourth quarter rose 3.9 percent from the prior year period to $8.36 billion and full fiscal 2014 revenue stayed relatively flat over 2013 figures.
Fourth-quarter profit increased 41.6 percent to $700 million from the prior year period and full-year profit for the company’s 2014 fiscal year was 7.5 percent higher than fiscal 2013 figures.
“In 2014, our earnings from continuing operations rose 7.5 percent, margins increased 70 basis points and EPS increased 11.4 percent compared to last year, ” said Phebe Novakovic, General Dynamics chairman and CEO.
“We also had excellent free cash from operations of $3.2 billion and grew our backlog to more than $72.4 billion by year-end, a 58 percent increase over the end of 2013, ” added Novakovic.
General Dynamics estimates its potential contract value in unfunded indefinite-delivery/indefinite-quantity contracts and unexercised options was $26.7 billion at the end of its 2014 fiscal year.
The company also said its total potential contract value – the sum of all backlog components – was $99.1 billion at the end of the fiscal year.
