General Dynamics Report 4Q Results

Wednesday, January 23, 2002
General Dynamics reported 2001 fourth quarter net earnings of $246 million, $1.21 per share on a fully diluted basis, on sales of $3.5 billion. This represents an 11 percent earnings per share increase over the fourth quarter of 2000, when net earnings were $219 million, $1.09 per share, on sales of $2.7 billion. The quarter ended on December 31, 2001. Full year 2001 net earnings on a recurring basis were $915 million, $4.51 per fully diluted share, on sales of $12.2 billion. This is a 12 percent per share increase over 2000 earnings of $811 million on a recurring basis, $4.03 per fully diluted share, on sales of $10.4 billion. Including favorable, non-recurring tax adjustments in both years, net earnings were $943 million, $4.65 per share, in 2001 and $901 million, $4.48 per share, in 2000. "This was another year of strong, steady performance," said Nicholas D. Chabraja, General Dynamics chairman and CEO. "Cash flow from our business units totaled more than $300 million in the fourth quarter and reached a billion dollars for the full year. Backlog at the end of 2001 totaled almost $30 billion, an increase of nearly 50 percent from a year ago. "Sales in the Combat Systems group increased by 93 percent in the fourth quarter and by 74 percent for the full year, the result of acquisitions as well as strong organic growth," Chabraja noted. "The acquisition of Primex early in 2001, now called Ordnance and Tactical Systems, and the acquisition of Spain's leading defense manufacturer, Santa Barbara Sistemas, made solid contributions to sales and earnings. Strong results also reflected new programs, such as the Interim Armored Vehicle for the Army, sales of the Abrams main battle tank to Egypt, and growth of the Marine Corps' Advanced Amphibious Assault Vehicle program. Looking forward, a team led by General Dynamics has submitted a proposal to be the lead systems integrator for the Army's multibillion dollar Future Combat Systems. "Information Systems and Technology group revenues were up 46 percent in the fourth quarter of 2001 and 17 percent for the full year, reflecting the acquisition of Decision Systems in late September as well as several important new program wins," Chabraja said. "These include a $2.4 billion contract from the U.K for BOWMAN, a radio-based system that will allow British troops to talk and share data such as maps, video, and other information. A similar program for Taiwan was expanded in 2001. The company is also playing a major role in U.S. defense networking with a supporting role on Groundbreaker, a program to provide telephony and network services to the National Security Agency. In addition, General Dynamics won contracts to modernize telecommunications infrastructure at U.S. Navy bases in the U.S. and overseas. "The Marine Systems group continues to have a strong and durable backlog. The FY 2002 DoD budget provided full funding for our major programs, including the Virginia-class submarine, DDG Arleigh Burke class destroyers, and T-AKE dry cargo ammunition ships. The DoD '02 budget also funded the conversion of four Trident nuclear ballistic missile submarines (SSGN). Electric Boat is designing the work package for this conversion. In addition, General Dynamics is leading a team that will submit a proposal next month to design the DD(X) 'family of combatants,' a transformational Navy program. On the commercial side, NASSCO added a fourth double-hulled tanker to its backlog under an option exercised by BP Amoco. "In 2001, the Aerospace group established itself as a supplier of special mission aircraft for governments, with new orders from the National Center for Atmospheric Research, the U.S. Coast Guard, the Japanese Coast Guard, and Israel's Ministry of Defense," said Chabraja. "The acquisition of Galaxy Aerospace in 2001 broadened the Gulfstream product line with the super mid-sized G200 and mid-size G100 business jet aircraft - creating market-entry, add-on and move-up opportunities for a wider range of customers. During 2001, in addition to strong corporate and individual orders, Gulfstream also had more than $3.25 billion in new orders from fleet buyers.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Unicom Selects the Ecochlor BWTS for 10 Tankers

Ecochlor, Inc. announced that Unicom Management Services (Cyprus) Ltd. (Unicom), acting for SCF Group, signed a 10-vessel agreement for the Ecochlor Ballast Water Treatment System (BWTS) in Limassol,

Kongsberg Contracted to Support FLNG Conversion

Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG   Keppel Shipyard in Singapore and Black & Veatch in the U.

Crowley to Manage 4 Jones Act Ships for Pasha

Crowley Maritime Corp.’s ship management group has been awarded a new contract with Sunrise Operations LLC, a subsidiary of The Pasha Group, of San Rafael, Calif.

Finance

USS Montpelier Modernization Contract for General Dynamics

The U.S. Navy has awarded General Dynamics Electric Boat a $46.4 million contract for planning efforts in support of maintenance and modernization work on USS Montpelier,

Pentair Opens Aquaculture Center of Excellence

Mindful that fish farming has the potential to help meet an expanding  population's need for protein in a world with increasing water constraints, Pentair announced

Scorpio Tankers' Buyback Plan, Newbuild Delivery

Scorpio Tankers Inc. announced today (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1338 sec (7 req/sec)