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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MARAD Support for Hydrogen Fuel Cell R&D

  The U.S. Department of Transportation’s Maritime Administration (MARAD) today announced that it is providing $500,000 to support a feasibility study for the design,

M/V "Georgiana H" refused access to the Paris MoU region

On 17th July 2015 M/V “GEORGIANA H” with IMO number 8911413 was detained in Marina di Carrara (Italy). This is the third detention in the Paris MoU region within the last 24 months.

Ghana to Roll out Shipping Training

Ghana is considering establishing modalities to compel shipping companies to introduce a training regime which ensures that their local staff gain professional qualifications in shipping.

Finance

Japan Seeks Australian Submarine Contract

Japan will send a high-level delegation to Adelaide for talks on building Australia's next-generation fleet of submarines.   A former commander of the Japanese

Davao Sasa Port Modernization Project Attracts 6 Firms

Six local and foreign firms have expressed interest to construct a modern Davao Sasa Port, the Department of Transportation and Communications (DOTC), Philippines said.

Work Begins on $1.6 bln Container Terminal at Jebel Ali Port

DP World Chairman Sultan Ahmed Bin Sulayem announced the start of construction work on a brand new container terminal at Jebel Ali Port, Dubai.   Phase 1 of the

 
 
Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
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: 0.1608 sec (6 req/sec)