General Dynamics Reports 3Q 2013 Results

MarineLink.com
Wednesday, October 23, 2013

General Dynamics reported third-quarter 2013 net earnings of $651 million, or $1.84 per share on a diluted basis, on revenues of $7.8 billion. This compares to 2012 third-quarter net earnings of $600 million, or $1.70 per diluted share, on revenues of $7.9 billion. Third-quarter 2013 operating earnings rose $52 million to $957 million, a 5.7% increase over the year-ago quarter.

Margins
Company-wide operating margins for the third quarter of 2013 were 12.3%, 90 basis points higher than third-quarter 2012 margins, reflecting operating-performance improvement in the company’s Aerospace, Combat Systems and Information Systems and Technology groups over the year-ago period. Marine Systems’ margins remained steady from second quarter to third quarter 2013 on the strength of current program performance, although they declined as expected from the year-ago period due to the completion of the long-running T-AKE program.

Cash
Net cash provided by operating activities in third-quarter 2013 totaled $467 million. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $364 million in the quarter.

Capital Deployment
The company repurchased 1.6 million shares of outstanding common stock in the third quarter. Year-to-date, the company has repurchased 9.2 million shares. At its October meeting the company’s board of directors authorized management to repurchase up to 10 million additional shares.

Backlog
Total backlog at the end of third-quarter 2013 was $47.9 billion, and the estimated potential contract value was an additional $27.4 billion, representing management’s estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options. Total potential contract value, the sum of all backlog components, was $75.4 billion at the end of the quarter.

Significant awards received in the quarter include $200 million to continue production and support of double-V-hulled Stryker combat vehicles for the U.S. Army, $150 million for continued production of Abrams tanks for a foreign customer and $140 million for equipment and services in support of the Army’s Warfighter Information Network-Tactical (WIN-T). Marine Systems was contracted to design and manufacture two commercial product carriers, and received a $280 million award for repair and maintenance of U.S. Navy LHA- and LHD-class ships.

“General Dynamics performed well in the third quarter, reflecting our focus on the basics of operational excellence,” said Phebe N. Novakovic, chairman and chief executive officer. “We remain committed to creating value by meeting our obligations to our customers while continuously improving the way we do business.”

generaldynamics.com
 

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

People & Company News

ThyssenKrupp Says Submarines Part of Growth Story

Germany's Thyssenkrupp sees its submarine business as making an important contribution to its growth targets, the head of its Industrial Solutions business area said on Tuesday.

Two Newbuilds Delivered to Star Bulk

Star Bulk Carriers Corp. took delivery on February 27 of M/V Honey Badger (ex HN NE 164) and M/V Wolverine (ex HN NE 165), two 61,000 dwt Ultramax bulk carriers

Brazil Truck Strike Diminishes

Some truck drivers in Brazil continued blocking roads on Tuesday, slowing grains deliveries to southern ports, even as adherence to the strike diminished and a

Shipbuilding

ThyssenKrupp Says Submarines Part of Growth Story

Germany's Thyssenkrupp sees its submarine business as making an important contribution to its growth targets, the head of its Industrial Solutions business area said on Tuesday.

Gas Turbine Alternator Installed into Aircraft Carrier

The Aircraft Carrier Alliance has completed the installation of the first MT30 Gas Turbine Alternator (GTA) package into the Royal Navy’s latest aircraft carrier HMS Prince of Wales,

Added Value Innovation Drives Control of BWTS

Specifying for ballast water treatment systems can be a difficult process. Ian Hamilton, sales manager for marine electrical wiring control and instrumentation specialists CMR Group, offers guidance.

News

Vessel Sales: February 2015

Vessel sales for February 2015  - (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built -  - (Age)

First Ship to Load Soy at Tegram Bound for China

The first ship to load soybeans from the new Tegram terminal in the northeastern port of Ponta Madeira in Sao Luis, Brazil, will berth on March 10, local shipping agents Cargonave said on Tuesday.

Oil Storage at Sea Stalls as Profit Play Fades

Traders are cutting plans to use tankers to store oil at sea as the price incentive recedes, the global head of oil at mining and commodities group Glencore's said on Tuesday.

Subsea Defense

ThyssenKrupp Says Submarines Part of Growth Story

Germany's Thyssenkrupp sees its submarine business as making an important contribution to its growth targets, the head of its Industrial Solutions business area said on Tuesday.

Indian Navy to Buy 50 Ship Borne Drones

Seeking to enhance its surveillance capabilities on its warships, the Indian Navy (IN) has now announced a global competition for procuring ‘Ship-Borne Unmanned

Canadian Submarines Ready to Hit the Sea

For the first time since they were purchased in 1998, the Royal Canadian Navy has reached a stage where three of its four diesel-electric submarines are now shipshape and available for operations.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair
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: 0.2489 sec (4 req/sec)