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General Dynamics

July 25, 2007: General Dynamics (NYSE:GD) today reported 11% growth in revenues ($6.6 billion) and 23% increase in earning per share (EPS) from its second-quarter 2007 operations. GD's net earnings were $518 million, ($1.27 earning per share - EPS), compared to $420 million ($1.03 EPS) in the second quarter of 2006. Operating margins were about 11.5%. Revenues increased to $6.6 billion in the quarter, rising 11.1 percent over second-quarter 2006 revenues of $5.9 billion.. For the first six months of 2006 GD generated $927 million in free cash. Business has been growing for a while for GD, reflected by the funded backlog, which, at the end of the second quarter 2007 was $35.4 billion, and a total backlog of $44.6 billion, compared to $34.5 billion and $43.6 billion, respectively, at the end of the first quarter of 2007.

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April 25, 2007: General Dynamics (NYSE:GD) reported today first-quarter 2007 earnings from continuing operations of $440 million, or $1.07 per share on a fully diluted basis. Revenues increased to $6.3 billion in the quarter. The results represent a 13.7 percent increase in earnings from continuing operations and a 13.6 percent increase in revenues over the first quarter of 2006. The company's funded backlog grew by approximately $500 million in the first quarter of 2007, to $34.5 billion. Total backlog at the end of the quarter was $43.6 billion, essentially unchanged from the end of the fourth quarter of 2006.

Company-wide operating margins for the first quarter of 2007 increased by 10 basis points over the first quarter of 2006, to 10.8 percent. Net earnings for the first quarter of 2007 were $434 million, compared to $374 million in the first quarter of 2006. Net earnings include the operating results of the company's coal mining business, which is for sale and reported as discontinued operations.

GD's Information Systems and Technology segment reported the highest 20.7% increase in sales, reaching $2,381 billion in the first quarter of 2007. Combat Systems reported net sales of $1,568 billion for the quarter, an 14.5% over Q1/06. Combat Systems was awarded significant orders for new vehicles, vehicle repair and logistics support services, and rockets and ammunition in the quarter and respectively, its has the highest share of the company’s funded backlog with $10.5 Billion.

Continuing margin improvement, year-over-year, Marine Systems Group reported $1,257 billion in net sales, down 1.4% from Q1/06. Aerospace business Group reported record sales of $1.094 billion, representing 17.8% increase over Q1/06 reflecting higher quantities of green-aircraft deliveries and new-aircraft completions produced by Gulfstream, which contributed $5.798 billion to the company's funded backlog. Other segments of the backlog include $8.927 billions from the Marine Systems Group and $6.322 billion from the Information Systems and Technology Group.


 


 

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