Photo credit Source : www.govconwire.com
General Dynamics Reports Strong Third Quarter 2024 Financial Results under Phebe Novakovic’s Leadership
General Dynamics, a leading defense and aerospace contractor based in Reston, Virginia, reported a significant increase in revenue for the third quarter of 2024. The company saw a 10.4 percent increase in revenue to $11.7 billion, with operating earnings of $1.2 billion and $3.35 in diluted earnings per share, up 10.2 percent from the previous year.
In an earnings report released on Wednesday, General Dynamics also announced a companywide backlog of $92.6 billion with a book-to-bill ratio of 1.1-to-1 for the quarter. The company reported $1.4 billion in net cash from operating activities and ended the quarter with $2.1 billion in cash and equivalents on hand. Additionally, General Dynamics spent $44 million to repurchase shares and paid $390 million in dividends during the quarter.
During an earnings call, General Dynamics Chairman and CEO Phebe Novakovic highlighted the strong growth and performance of the company’s defense businesses. The combat systems segment saw $2.2 billion in revenue and approximately $18 billion in backlog, with earnings increasing by 8.3 percent to $325 million. The marine systems segment also experienced a 20 percent revenue increase to $3.6 billion, driven by submarine construction projects.
The technologies segment, which includes General Dynamics Information Technology and General Dynamics Mission Systems, reported $3.4 billion in revenue for the quarter, up 2 percent from the previous year. Novakovic noted that the growth in this segment was driven by investments in digital accelerators.
General Dynamics also secured notable defense awards during the third quarter, totaling $10.5 billion. These awards included contracts for artillery projectile metal parts for the U.S. Army, construction of John Lewis-class fleet replenishment oilers, and long-lead materials for Block VI Virginia-class submarines.
Overall, General Dynamics’ strong financial performance and significant defense awards demonstrate the company’s continued success in the defense and aerospace industry.
