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Authorized Management News

06 Feb 2014

General Dynamics Authorizes Share Repurchases

The board of directors of General Dynamics (NYSE: GD) yesterday authorized management to repurchase up to 20 million shares of the company’s issued and outstanding common stock on the open market.   General Dynamics, headquartered in Falls Church, Virginia, employs approximately 96,000 people worldwide. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies.

23 Oct 2013

General Dynamics Reports 3Q 2013 Results

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. 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.

09 May 2001

Northrop Grumman Launches Hostile Bid For NNS

Northrop Grumman has made the prospects of big defense consolidation a bit more interesting, offering to acquire Newport News Shipbuilding in what amounts to a hostile takeover attempt. Citing General Dynamics' proposed takeover of Newport News - a $2.6 billion deal which was announced last week - as "creating an unhealthy monopoly," Northrop Grumman has initiated its own takeover attempt. Specifically, Northrop Grumman's Board of Directors has authorized management to match General Dynamics' offer of $67.50 per share for all the outstanding shares of common stock of Newport News, payable 75 percent in Northrop Grumman stock, the remainder in cash. In a letter to Newport News Chairman and Chief Executive Officer William P.