Free Post Earnings Research Report: General Dynamics' EPS Rose 6.9%
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LONDON, UK / ACCESSWIRE / May 11, 2018 / If you want access to our free earnings report on General Dynamics Corp. (NYSE: GD), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GD. The Company reported its first quarter fiscal 2018 operating and financial results on April 25, 2018. The defence contractor surpassed earnings estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the three months ended April 01, 2018, General Dynamics reported revenues of $7.54 billion, up 1.3% compared to $7.44 billion in Q1 2017. The Company's revenue numbers were in-line with market estimates of $7.54 billion.
During Q1 2018, General Dynamics' Company-wide operating margin was 13.4% compared to 14.1% in Q1 2017. The Company's consolidated operating margin was up 60 basis points compared to 12.8% in Q4 2017.
General Dynamics reported net earnings of $799 million, or $2.65 per diluted share, in Q1 2018 compared to $763 million, or $2.48 per diluted share, in Q1 2017. The Company's earnings beat Wall Street's estimates of $2.47 per share.
Segment Results
During Q1 2018, General Dynamics' Aerospace segment's revenues were $1.82 billion, down 12% on a y-o-y basis. The segment's operating earnings were $346 million, down $93 million, or 21.2%, compared to the year ago same period, on a 220-basis point contraction in margin. For Q1 2018, the segment's net orders were approximately $1.4 billion, and the dollar-based book-to-bill ratio was 0.8:1.
For Q1 2018, General Dynamics' Combat Systems segment's sales grew 11.9% to $1.44 billion, and its operating earnings were up 9.3% to $224 million versus the year ago comparable period.
During Q1 2018, General Dynamics' Information Systems and Technology (IS&T) segment's revenues rose 4.2% to $2.24 billion. The segment's operating earnings were $247 million in Q1 2018, an increase of 4.7% compared to the year ago corresponding quarter. IS&T's operating margin remained unchanged at 11% on a y-o-y basis, and book-to-bill ratio was once again about 1:1. The segment's backlog was up $94 million to $8.8 billion versus Q1 2017.
For Q1 2018, General Dynamics' Marine Systems segment's revenues were up 5.2% to $2.03 billion on a y-o-y basis. The segment's operating earnings jumped 14.3% to $184 million, driven by an operating margin of 9%, a 70-basis point improvement compared to Q1 2017. At the end of Q1 2018, the segment's total backlog was down $451 million to $23.8 billion sequentially.
Capital Deployment
General Dynamics ended Q1 2018 with a cash balance of $4.3 billion on its balance sheet, and a net debt position of $2.1 billion, including the $2.5 billion of commercial paper.
During Q1 2018, General Dynamics repurchased 1.2 million of its outstanding shares. In addition, in March 2018, the Company's Board of Directors increased its quarterly dividend to $0.93 per share, representing the 21st consecutive annual dividend increase. The 10.7% increase was consistent with increases over the past five years.
Backlog
General Dynamics' total backlog was $62.1 billion at the end of Q1 2018. The estimated potential contract value, representing the management's estimates of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts, and unexercised options, was $25.5 billion. General Dynamics' total potential contract value, the sum of all backlog components, was $87.6 billion at the end of Q1 2018.
Stock Performance Snapshot
May 10, 2018 - At Thursday's closing bell, General Dynamics' stock slightly rose 0.31%, ending the trading session at $201.67.
Volume traded for the day: 1.09 million shares.
Stock performance in the past twelve-month period - up 3.75%
After yesterday's close, General Dynamics' market cap was at $60.09 billion.
Price to Earnings (P/E) ratio was at 19.84.
The stock has a dividend yield of 1.84%.
The stock is part of the Industrial Goods sector, categorized under the Aerospace/Defense Products & Services industry. This sector was up 0.4% at the end of the session.
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