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General Dynamics Corporation Message Board

  • bluecheese4u bluecheese4u Oct 24, 2012 9:10 AM Flag

    General Dynamics Reports Third-Quarter 2012 Results

    General Dynamics Reports Third-Quarter 2012 Results

    • Strong Aerospace activity drives revenues
    • Cash from operations improves across the company

    FALLS CHURCH, Va. –General Dynamics (NYSE: GD) today reported third-quarter 2012 earnings from continuing operations of $600 million, or $1.70 per share on a fully diluted basis, compared with 2011 third-quarter earnings from continuing operations of $665 million, or $1.83 per share fully diluted. Revenues in the quarter were $7.9 billion. Net earnings for third-quarter 2012 were $600 million, or $1.70 per share fully diluted.

    Company-wide operating margins for third-quarter 2012 were 11.4 percent, compared to 12.7 percent in third-quarter 2011. Margins in the most recent quarter include the impact of a $25 million charge in the Information Systems and Technology group to revalue a portion of its ruggedized-computer inventory.

    Net cash provided by operating activities totaled $704 million in the quarter. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $594 million or approximately 99 percent of earnings from continuing operations.

    The company’s total backlog at the end of third-quarter 2012 was $51.5 billion, and the estimated potential contract value was an additional $26.1 billion, representing management’s estimate of value under unfunded IDIQ contracts and unexercised options.

    Demand in the quarter was particularly strong for Aerospace products, including orders for every type of Gulfstream aircraft. Significant defense awards included a $340 million order to procure additional Warfighter Information Network-Tactical (WIN-T) equipment for U.S. Army units, $70 million for 13,000 additional Handheld, Manpack, Small Form Fit (HMS) Rifleman radios and accessories, and a $395 million contract for engineering development efforts for modernization of the Abrams main battle tank.

    “General Dynamics made notable progress on several core programs in the third quarter, including certification of the Gulfstream G650 and G280, and successful evaluations of key tactical communications systems leading to additional production awards,” said Jay L. Johnson, chairman and chief executive officer. “The entire team at General Dynamics remains focused on efficient execution and maximizing profitability.”


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