General Dynamics Revenue Up 7.3% in Q1; Phebe Novakovic Quoted

General Dynamics (NYSE: GD) posted a 7.3 percent jump in revenue year-over-year for the first quarter of its 2021 fiscal year to $9.4 billion and experienced growth in all of its four business segments.

The Reston, Virginia-based defense company reported $2.48 earnings per share for the quarter, $3 million net cash from operating activities and $744 million share repurchase at $161.38 apiece.

Total backlog at the end of Q1 rose 4.5 percent from the prior-year period to $89.6 billion.

Q1 bookings included information technology projects with the intelligence community and contracts with the Department of Defense for a Virginia-class submarine, ship modernization services and Abrams battle tank updates.

“Continued recovery from the pandemic coupled with our focus on operating performance yielded a strong quarter, with year-over-year earnings growth driven by increased revenue across all of our four business segments,” said Phebe Novakovic, chairperson and CEO of General Dynamics and a seven-time Wash100 awardee.

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