General Dynamics Reports Q2 2013 Results
General Dynamics (GD) today reported second-quarter 2013 net earnings of $640 million, or $1.81 per share on a diluted basis, compared to 2012 second-quarter net earnings of $634 million, or $1.77 per diluted share. Second-quarter 2013 revenues were $7.9 billion. Company-wide operating margins for the second quarter of 2013 were 12.1%, consistent with second-quarter 2012 margins. Each of the company’s four segments delivered margin expansion over the first quarter of 2013. Net cash provided by operating activities in second-quarter 2013 totaled $579 million. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $486 million in the quarter. The company repurchased 6.6 million outstanding shares in the second quarter.
New Warships Will Transform U.S. Navy
Maritime Dominance in the 21st Century calls for naval forces that can project power forward, provide assured access in the littoral environment and support a wide variety of joint and combined operations. To meet this challenge, the U.S. Defeating and deterring future national threats requires a broad range of capabilities from long-range missile defense, precision strike and volume fires to assuring friendly access in the dangerous littoral regions of the world. Transformation of the future fleet will start with the DD(X) technology development effort, from hull and propulsion to sensors and weapons. DD(X) will provide sustained, offensive, distributed, and precise firepower at long ranges to support forces ashore and to conduct time-critical strikes on land targets.
