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

People & Company News

ESSA's Fleet Upgradation Environmental Driven

State-controlled Exportadora de Sal SA de CV of Mexico ("ESSA"), one of the world’s largest salt exporters with a 10-million-ton annual production, has strengthened

PSA Chairman Receives Belgium Award

On 27 November 2014, PSA Group Chairman Fock Siew Wah was conferred the national distinction ‘Commander of the Order of the Crown’ from His Majesty King Philippe of Belgium for his merit,

MSC Magnifica Completes Drydocking at Damen Shiprepair

After a very fast and successful 17-day drydocking the cruise ship MSC Magnifica left Damen Shiprepair Rotterdam (part of Damen Shiprepair & Conversion) for

Finance

Findland Fairway Due Law

Based on the Finland Ministry of Transport and Communication’s maritime strategy, the Finnish parliament has announced a final and lawful decision on the new

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1584 sec (6 req/sec)