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General Dynamics’ Q2 Net Earnings Up 17.9%

General Dynamics (NYSE: GD) posted flat internal revenue of $9.2 billion for the second quarter of its 2021 fiscal year and net earnings of $737 million, a 17.9 percent increase from the same period last year.

The Reston, Virginia-based defense contractor said Wednesday its earnings were $2.61 per diluted share for the quarter and cash from operations as of June 30 totaled $1.1 billion.

Among General Dynamics’ four businesses segments, the technologies segment comprised of information technology and mission systems generated the highest Q2 sales at $3.16 billion, up 3.2 percent compared to the prior year period. 

Phebe Novakovic, chairman and CEO of General Dynamics and a six-time Wash100 awardee, said in an earnings call Wednesday that GDIT contributed a nearly 10 percent revenue increase to the segment’s sales performance.

She cited the sale of the company’s satellite antenna business and a chip shortage as the factors behind the modest decline in GDMS revenue for the quarter.

Total backlog grew 8 percent to $89.2 billion at the end of the quarter.

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