General Dynamics Reports Strong 2Q Earnings

Wednesday, July 27, 2011

General Dynamics has reported second-quarter earnings from continuing operations of $666 million, or $1.79 per share on a fully diluted basis, compared with 2010 second-quarter earnings from continuing operations of $651 million, or $1.68 per share fully diluted. Revenues in the quarter were $7.9 billion.  Net earnings for the second quarter of 2011 were $653 million, compared to $648 million in the second quarter of 2010.

Margins

Company-wide operating margins for the second quarter of 2011 were 12 percent, with particularly strong performance in the defense segments.  Operating margins for Combat Systems and Information Systems and Technology grew when compared to the year-ago period, and Marine Systems margins remained steady at 10.2 percent.

Backlog

Customer demand across the company's portfolio of products and services continued in second-quarter 2011.  Demand for Gulfstream aircraft and aircraft services was particularly strong, leading to an increase in the Aerospace backlog for a third consecutive quarter.  Combat Systems, Marine Systems and Information Systems and Technology also received key orders, including $285 million from the U.S. Army for Hydra-70 rockets, $800 million for the U.S. Navy’s Mobile Landing Platform program, $330 million to provide the IT infrastructure for the relocation of the Department of Homeland Security’s headquarters to the St. Elizabeths Hospital Campus and $55 million from the U.S. Army for production of 6,250 Rifleman and 100 Manpack radios, as part of the Joint Tactical Radio System Handheld, Manpack, Small Form Fit program.
 
Funded backlog increased to $44.3 billion at the end of second-quarter 2011. The company’s total backlog at the end of the second-quarter 2011 was $57.1 billion, and the estimated potential contract value was an additional $21.2 billion, which represents management’s estimate of value under unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options.

Cash

Net cash provided by operating activities in the quarter totaled $749 million.  Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $658 million for the period, or approximately 100 percent of earnings from continuing operations.

(Source: GD Press Release)

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

EGAS Tenders for as many as 48 LNG Cargoes

Egypt's state-owned gas company EGAS has tendered to buy at least 48 cargoes of liquefied natural gas (LNG) for delivery in 2015/16, three traders said. A senior

Damen Shipyards Galati wins Dutch Romanian Award

Damen Shipyards Galati has been presented with the Dutch Romanian Business Award for its Corporate Social Responsibility plan, particularly the Group’s community investment initiatives.

Lowrance Renews Insight Genesis College Cup

Lowrance®, a world-leading brand in fishing electronics since 1957— announced today the renewal of its Insight Genesis™ College Cup. In its second year, the

Finance

EGAS Tenders for as many as 48 LNG Cargoes

Egypt's state-owned gas company EGAS has tendered to buy at least 48 cargoes of liquefied natural gas (LNG) for delivery in 2015/16, three traders said. A senior

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1843 sec (5 req/sec)