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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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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