- Revenue of $12 billion, up 18%
from year-ago quarter
- Operating earnings of $1.2
billion, up 20.2% from year-ago quarter
- Diluted EPS of $3.26, up 20.7%
from year-ago quarter
- Operating margin of 9.7%, a 20-basis-point expansion from
year-ago quarter
RESTON,
Va., July 24,
2024 /PRNewswire/ -- General Dynamics (NYSE: GD) today
reported second-quarter 2024 revenue of $12
billion, up 18% from the second quarter of 2023. Operating
earnings of $1.2 billion were up
20.2% from the year-ago quarter. Diluted earnings per share (EPS)
were $3.26, up 20.7% from the
year-ago quarter. Operating margin for the quarter was 9.7%, a
20-basis point expansion from the year-ago quarter, with particular
strength in the Technologies and Combat Systems segments.
"This was a strong quarter overall, as reflected by solid growth
in all key measures from a year ago. Our businesses continue to
focus on disciplined execution of their programs, cost and
schedule," said Phebe N. Novakovic,
chairman and chief executive officer. "In the Aerospace segment, we
are continuing to ramp up the pace of our G700 deliveries and our
defense businesses continued to grow, reflecting increased demand
in response to the threat environment."
Gulfstream delivered 37 aircraft in the quarter, 31 of which
were large-cabin aircraft. This compares with 24 aircraft delivered
in the year-ago quarter, of which 18 were large-cabin.
Cash and Capital Deployment
Net cash provided by
operating activities in the quarter was $814
million, or 90% of net earnings. During the quarter, the
company paid $389 million in
dividends, invested $201 million in
capital expenditures, and used $34
million to repurchase shares, ending the quarter with
$1.4 billion in cash and equivalents
on hand.
Orders and Backlog
The consolidated book-to-bill
ratio, defined as orders divided by revenue, was 0.8-to-1 for the
quarter. Company-wide backlog was $91.3
billion. Estimated potential contract value, representing
management's estimate of additional value in unfunded indefinite
delivery, indefinite quantity (IDIQ) contracts and unexercised
options, was $38.5 billion. Total
estimated contract value, the sum of all backlog components, was
$129.8 billion.
In the Aerospace segment, orders in the quarter totaled
$2.7 billion. Aerospace backlog of
$20 billion is 2.8% above the
year-ago quarter.
In the defense segments, orders in the quarter totaled
$7.4 billion, with particular
strength in Combat Systems, which had a book-to-bill ratio of
1.5-to-1. Significant awards in the defense segments included two
contracts from the Canadian government, with options having
combined maximum potential value of $1.9
billion shared with an industry partner, for the Logistics
Vehicle Modernization (LVM) program; $205
million, with options having a maximum potential value of
$1.1 billion, for planning yard
services for the Arleigh Burke-class (DDG-51) guided-missile
destroyer program; a $25 million
contract from the U.S. Army, with maximum potential value of
$535 million, for systems technical
support of the Stryker vehicle fleet; $205
million, with options having a maximum potential value of
$525 million, from the North Carolina
Department of Health and Human Services to operate its Medicaid
Management Information System; various munitions and ordnance
contracts with maximum potential value totaling $460 million if all options are exercised; and
several key contracts for classified customers with maximum
potential value of $665 million. A
detailed list of significant awards is provided in Exhibit I.
About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global
aerospace and defense company that offers a broad portfolio of
products and services in business aviation; ship construction and
repair; land combat vehicles, weapons systems and munitions; and
technology products and services. General Dynamics employs more
than 100,000 people worldwide and generated $42.3 billion in revenue in 2023. More
information is available at www.gd.com.
WEBCAST INFORMATION: General Dynamics will webcast its
second-quarter 2024 financial results conference call at 9 a.m. EDT
on Wednesday, July 24, 2024. The
webcast will be a listen-only audio event available at
www.gd.com. An on-demand replay of the webcast will be
available by telephone two hours after the end of the call through
July 31, 2024, at 800-770-2030
(international: +1 609-800-9909), conference ID 4299949. Charts
furnished to investors and securities analysts in connection with
General Dynamics' announcement of its financial results are
available at www.gd.com.
This press release contains forward-looking statements (FLS),
including statements about the company's future operational
and financial performance, which are based on management's
expectations, estimates, projections and assumptions. Words such as
"expects," "anticipates," "plans," "believes," "forecasts,"
"scheduled," "outlook," "estimates," "should" and variations of
these words and similar expressions are intended to identify FLS.
In making FLS, we rely on assumptions and analyses based on our
experience and perception of historical trends; current conditions
and expected future developments; and other factors, estimates and
judgments we consider reasonable and appropriate based on
information available to us at the time. FLS are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, as amended. FLS are not guarantees of future
performance and involve factors, risks and uncertainties that are
difficult to predict. Actual future results and trends may differ
materially from what is forecast in the FLS. All FLS speak only as
of the date they were made. We do not undertake any obligation to
update or publicly release revisions to FLS to reflect events,
circumstances or changes in expectations after the date of this
press release. Additional information regarding these factors is
contained in the company's filings with the SEC, and these
factors may be revised or supplemented in future SEC filings. In
addition, this press release contains some financial measures not
prepared in accordance with U.S. generally accepted accounting
principles (GAAP). While we believe these non-GAAP metrics provide
useful information for investors, there are limitations associated
with their use, and our calculations of these metrics may not be
comparable to similarly titled measures of other companies.
Non-GAAP metrics should not be considered in isolation from, or as
a substitute for, GAAP measures. Reconciliations to comparable GAAP
measures and other information relating to our non-GAAP measures
are included in other filings with the SEC, which are available at
investorrelations.gd.com.
|
EXHIBIT
A
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENT OF EARNINGS - (UNAUDITED)
|
|
|
DOLLARS IN MILLIONS,
EXCEPT PER SHARE AMOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Variance
|
|
|
June 30,
2024
|
|
July 2, 2023
|
|
$
|
|
|
%
|
|
|
Revenue
|
$
11,976
|
|
$
10,152
|
|
$
1,824
|
|
|
18.0 %
|
|
|
Operating costs and
expenses
|
(10,820)
|
|
(9,190)
|
|
(1,630)
|
|
|
|
|
|
Operating
earnings
|
1,156
|
|
962
|
|
194
|
|
|
20.2 %
|
|
|
Other, net
|
18
|
|
13
|
|
5
|
|
|
|
|
|
Interest,
net
|
(84)
|
|
(89)
|
|
5
|
|
|
|
|
|
Earnings before income
tax
|
1,090
|
|
886
|
|
204
|
|
|
23.0 %
|
|
|
Provision for income
tax, net
|
(185)
|
|
(142)
|
|
(43)
|
|
|
|
|
|
Net earnings
|
$
905
|
|
$
744
|
|
$
161
|
|
|
21.6 %
|
|
|
Earnings per
share—basic
|
$
3.30
|
|
$
2.72
|
|
$
0.58
|
|
|
21.3 %
|
|
|
Basic weighted average
shares outstanding
|
274.1
|
|
273.1
|
|
|
|
|
|
|
|
Earnings per
share—diluted
|
$
3.26
|
|
$
2.70
|
|
$
0.56
|
|
|
20.7 %
|
|
|
Diluted weighted
average shares outstanding
|
277.7
|
|
275.1
|
|
|
|
|
|
|
|
EXHIBIT
B
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENT OF EARNINGS - (UNAUDITED)
|
|
|
DOLLARS IN MILLIONS,
EXCEPT PER SHARE AMOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
Variance
|
|
|
June 30,
2024
|
|
July 2, 2023
|
|
$
|
|
|
%
|
|
|
Revenue
|
$
22,707
|
|
$
20,033
|
|
$
2,674
|
|
|
13.3 %
|
|
|
Operating costs and
expenses
|
(20,515)
|
|
(18,133)
|
|
(2,382)
|
|
|
|
|
|
Operating
earnings
|
2,192
|
|
1,900
|
|
292
|
|
|
15.4 %
|
|
|
Other, net
|
32
|
|
46
|
|
(14)
|
|
|
|
|
|
Interest,
net
|
(166)
|
|
(180)
|
|
14
|
|
|
|
|
|
Earnings before income
tax
|
2,058
|
|
1,766
|
|
292
|
|
|
16.5 %
|
|
|
Provision for income
tax, net
|
(354)
|
|
(292)
|
|
(62)
|
|
|
|
|
|
Net earnings
|
$
1,704
|
|
$
1,474
|
|
$
230
|
|
|
15.6 %
|
|
|
Earnings per
share—basic
|
$
6.22
|
|
$
5.39
|
|
$
0.83
|
|
|
15.4 %
|
|
|
Basic weighted average
shares outstanding
|
273.8
|
|
273.6
|
|
|
|
|
|
|
|
Earnings per
share—diluted
|
$
6.14
|
|
$
5.34
|
|
$
0.80
|
|
|
15.0 %
|
|
|
Diluted weighted
average shares outstanding
|
277.4
|
|
275.8
|
|
|
|
|
|
|
|
EXHIBIT
C
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE AND
OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
|
|
|
DOLLARS IN
MILLIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Variance
|
|
|
June 30,
2024
|
|
July 2, 2023
|
|
$
|
|
|
%
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
$
2,940
|
|
$
1,953
|
|
$
987
|
|
|
50.5 %
|
|
|
Marine
Systems
|
3,453
|
|
3,059
|
|
394
|
|
|
12.9 %
|
|
|
Combat
Systems
|
2,288
|
|
1,924
|
|
364
|
|
|
18.9 %
|
|
|
Technologies
|
3,295
|
|
3,216
|
|
79
|
|
|
2.5 %
|
|
|
Total
|
$
11,976
|
|
$
10,152
|
|
$
1,824
|
|
|
18.0 %
|
|
|
Operating earnings:
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
$
319
|
|
$
236
|
|
$
83
|
|
|
35.2 %
|
|
|
Marine
Systems
|
245
|
|
235
|
|
10
|
|
|
4.3 %
|
|
|
Combat
Systems
|
313
|
|
251
|
|
62
|
|
|
24.7 %
|
|
|
Technologies
|
320
|
|
283
|
|
37
|
|
|
13.1 %
|
|
|
Corporate
|
(41)
|
|
(43)
|
|
2
|
|
|
4.7 %
|
|
|
Total
|
$
1,156
|
|
$
962
|
|
$
194
|
|
|
20.2 %
|
|
|
Operating margin:
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
10.9 %
|
|
12.1 %
|
|
|
|
|
|
|
|
Marine
Systems
|
7.1 %
|
|
7.7 %
|
|
|
|
|
|
|
|
Combat
Systems
|
13.7 %
|
|
13.0 %
|
|
|
|
|
|
|
|
Technologies
|
9.7 %
|
|
8.8 %
|
|
|
|
|
|
|
|
Total
|
9.7 %
|
|
9.5 %
|
|
|
|
|
|
|
|
EXHIBIT
D
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE AND
OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
|
|
|
DOLLARS IN
MILLIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
Variance
|
|
|
June 30,
2024
|
|
July 2, 2023
|
|
$
|
|
|
%
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
$
5,024
|
|
$
3,845
|
|
$
1,179
|
|
|
30.7 %
|
|
|
Marine
Systems
|
6,784
|
|
6,051
|
|
733
|
|
|
12.1 %
|
|
|
Combat
Systems
|
4,390
|
|
3,680
|
|
710
|
|
|
19.3 %
|
|
|
Technologies
|
6,509
|
|
6,457
|
|
52
|
|
|
0.8 %
|
|
|
Total
|
$
22,707
|
|
$
20,033
|
|
$
2,674
|
|
|
13.3 %
|
|
|
Operating earnings:
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
$
574
|
|
$
465
|
|
$
109
|
|
|
23.4 %
|
|
|
Marine
Systems
|
477
|
|
446
|
|
31
|
|
|
7.0 %
|
|
|
Combat
Systems
|
595
|
|
496
|
|
99
|
|
|
20.0 %
|
|
|
Technologies
|
615
|
|
582
|
|
33
|
|
|
5.7 %
|
|
|
Corporate
|
(69)
|
|
(89)
|
|
20
|
|
|
22.5 %
|
|
|
Total
|
$
2,192
|
|
$
1,900
|
|
$
292
|
|
|
15.4 %
|
|
|
Operating margin:
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
11.4 %
|
|
12.1 %
|
|
|
|
|
|
|
|
Marine
Systems
|
7.0 %
|
|
7.4 %
|
|
|
|
|
|
|
|
Combat
Systems
|
13.6 %
|
|
13.5 %
|
|
|
|
|
|
|
|
Technologies
|
9.4 %
|
|
9.0 %
|
|
|
|
|
|
|
|
Total
|
9.7 %
|
|
9.5 %
|
|
|
|
|
|
|
|
EXHIBIT
E
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE
SHEET
|
|
DOLLARS IN
MILLIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
June 30,
2024
|
|
December 31,
2023
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and
equivalents
|
|
|
|
|
|
$
1,362
|
|
$
1,913
|
|
Accounts
receivable
|
|
|
|
|
|
3,152
|
|
3,004
|
|
Unbilled
receivables
|
|
|
|
|
|
8,568
|
|
7,997
|
|
Inventories
|
|
|
|
|
|
9,686
|
|
8,578
|
|
Other current
assets
|
|
|
|
|
|
1,544
|
|
2,123
|
|
Total current
assets
|
|
|
|
|
|
24,312
|
|
23,615
|
|
Noncurrent
assets:
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
|
|
|
6,276
|
|
6,198
|
|
Intangible assets,
net
|
|
|
|
|
|
1,550
|
|
1,656
|
|
Goodwill
|
|
|
|
|
|
20,452
|
|
20,586
|
|
Other assets
|
|
|
|
|
|
2,852
|
|
2,755
|
|
Total noncurrent
assets
|
|
|
|
|
|
31,130
|
|
31,195
|
|
Total
assets
|
|
|
|
|
|
$
55,442
|
|
$
54,810
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
|
|
|
|
|
$
2,004
|
|
$
507
|
|
Accounts
payable
|
|
|
|
|
|
2,969
|
|
3,095
|
|
Customer advances and
deposits
|
|
|
|
|
|
10,089
|
|
9,564
|
|
Other current
liabilities
|
|
|
|
|
|
3,195
|
|
3,266
|
|
Total current
liabilities
|
|
|
|
|
|
18,257
|
|
16,432
|
|
Noncurrent
liabilities:
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
|
|
|
7,257
|
|
8,754
|
|
Other
liabilities
|
|
|
|
|
|
7,892
|
|
8,325
|
|
Total noncurrent
liabilities
|
|
|
|
|
|
15,149
|
|
17,079
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
482
|
|
482
|
|
Surplus
|
|
|
|
|
|
3,925
|
|
3,760
|
|
Retained
earnings
|
|
|
|
|
|
40,191
|
|
39,270
|
|
Treasury
stock
|
|
|
|
|
|
(21,128)
|
|
(21,054)
|
|
Accumulated other
comprehensive loss
|
|
|
|
|
|
(1,434)
|
|
(1,159)
|
|
Total shareholders'
equity
|
|
|
|
|
|
22,036
|
|
21,299
|
|
Total liabilities
and shareholders' equity
|
|
|
|
|
|
$
55,442
|
|
$
54,810
|
|
EXHIBIT
F
|
|
|
|
|
|
CONSOLIDATED
STATEMENT OF CASH FLOWS - (UNAUDITED)
|
|
DOLLARS IN
MILLIONS
|
|
|
|
|
|
Six Months
Ended
|
|
June 30,
2024
|
|
July 2, 2023
|
|
Cash flows from
operating activities—continuing operations:
|
|
|
|
|
Net
earnings
|
$
1,704
|
|
$
1,474
|
|
Adjustments to
reconcile net earnings to net cash from operating activities:
|
|
|
|
|
Depreciation of property, plant and equipment
|
311
|
|
297
|
|
Amortization of intangible and finance lease right-of-use
assets
|
117
|
|
136
|
|
Equity-based compensation expense
|
87
|
|
87
|
|
Deferred income tax benefit
|
(90)
|
|
(154)
|
|
(Increase)
decrease in assets, net of effects of business
acquisitions:
|
|
|
|
|
Accounts receivable
|
(158)
|
|
(159)
|
|
Unbilled receivables
|
(601)
|
|
513
|
|
Inventories
|
(1,152)
|
|
(1,264)
|
|
Increase
(decrease) in liabilities, net of effects of business
acquisitions:
|
|
|
|
|
Accounts payable
|
(125)
|
|
(33)
|
|
Customer advances and deposits
|
169
|
|
1,286
|
|
Other,
net
|
274
|
|
10
|
|
Net cash provided by
operating activities
|
536
|
|
2,193
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(360)
|
|
(373)
|
|
Other,
net
|
53
|
|
(31)
|
|
Net cash used by
investing activities
|
(307)
|
|
(404)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Dividends
paid
|
(750)
|
|
(705)
|
|
Purchases of
common stock
|
(139)
|
|
(378)
|
|
Repayment of
fixed-rate notes
|
–
|
|
(750)
|
|
Other,
net
|
111
|
|
(42)
|
|
Net cash used by
financing activities
|
(778)
|
|
(1,875)
|
|
Net cash used by
discontinued operations
|
(2)
|
|
(2)
|
|
Net decrease in cash
and equivalents
|
(551)
|
|
(88)
|
|
Cash and equivalents
at beginning of period
|
1,913
|
|
1,242
|
|
Cash and equivalents
at end of period
|
$
1,362
|
|
$
1,154
|
|
EXHIBIT
G
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL FINANCIAL
INFORMATION - (UNAUDITED)
|
|
DOLLARS IN MILLIONS,
EXCEPT PER SHARE AMOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2024
|
|
December 31,
2023
|
|
|
|
|
|
Debt-to-equity
(a)
|
|
|
42.0 %
|
|
43.5 %
|
|
|
|
|
|
Book value per share
(b)
|
|
|
$
80.20
|
|
$
77.85
|
|
|
|
|
|
Shares
outstanding
|
|
|
274,777,579
|
|
273,599,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Six
Months
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Income tax refunds
(payments), net
|
|
|
$
81
|
|
$
(269)
|
|
$
48
|
|
$
(327)
|
|
Company-sponsored
research
and development
(c)
|
|
|
$
147
|
|
$
145
|
|
$
284
|
|
$
255
|
|
Return on sales
(d)
|
|
|
7.6 %
|
|
7.3 %
|
|
7.5 %
|
|
7.4 %
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Six
Months
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Free cash
flow:
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
|
$
814
|
|
$
731
|
|
$
536
|
|
$
2,193
|
|
Capital
expenditures
|
|
|
(201)
|
|
(212)
|
|
(360)
|
|
(373)
|
|
Free
cash flow (e)
|
|
|
$
613
|
|
$
519
|
|
$
176
|
|
$
1,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2024
|
|
December 31,
2023
|
|
|
|
|
|
Net
debt:
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
$
9,261
|
|
$
9,261
|
|
|
|
|
|
Less cash and
equivalents
|
|
|
1,362
|
|
1,913
|
|
|
|
|
|
Net
debt (f)
|
|
|
$
7,899
|
|
$
7,348
|
|
|
|
|
|
|
(a)
Debt-to-equity ratio is calculated as total debt divided by total
equity as of the end of the period.
(b) Book value per share is calculated as total equity
divided by total outstanding shares as of the end of the
period.
(c) Includes independent research and development and
Aerospace product-development costs.
(d) Return on sales is calculated as net earnings
divided by revenue.
(e) We define free cash flow as net cash from operating
activities less capital expenditures. We believe free cash flow is
a useful measure for investors because it
portrays our ability to generate cash from our businesses for
purposes such as repaying debt, funding business acquisitions,
repurchasing our common stock
and paying dividends. We use free cash flow to assess the
quality of our earnings and as a key performance measure in
evaluating management.
(f) We define net debt as short- and long-term debt
(total debt) less cash and equivalents. We believe net debt is a
useful measure for investors because it reflects
the borrowings that support our operations and capital
deployment strategy. We use net debt as an important indicator of
liquidity and financial position.
|
|
EXHIBIT
H
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG -
(UNAUDITED)
|
|
DOLLARS IN
MILLIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded
|
|
Unfunded
|
|
Total
Backlog
|
|
Estimated
Potential
Contract Value*
|
|
Total
Estimated
Contract Value
|
|
Second Quarter 2024:
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
19,126
|
|
$
911
|
|
$
20,037
|
|
$
372
|
|
$
20,409
|
|
Marine
Systems
|
|
29,912
|
|
11,436
|
|
41,348
|
|
3,983
|
|
45,331
|
|
Combat
Systems
|
|
16,003
|
|
673
|
|
16,676
|
|
5,816
|
|
22,492
|
|
Technologies
|
|
9,365
|
|
3,875
|
|
13,240
|
|
28,283
|
|
41,523
|
|
Total
|
|
$
74,406
|
|
$
16,895
|
|
$
91,301
|
|
$
38,454
|
|
$
129,755
|
|
First Quarter 2024:
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
19,564
|
|
$
981
|
|
$
20,545
|
|
$
305
|
|
$
20,850
|
|
Marine
Systems
|
|
29,711
|
|
14,415
|
|
44,126
|
|
3,749
|
|
47,875
|
|
Combat
Systems
|
|
14,923
|
|
686
|
|
15,609
|
|
7,002
|
|
22,611
|
|
Technologies
|
|
8,976
|
|
4,478
|
|
13,454
|
|
29,206
|
|
42,660
|
|
Total
|
|
$
73,174
|
|
$
20,560
|
|
$
93,734
|
|
$
40,262
|
|
$
133,996
|
|
Second Quarter 2023:
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
19,050
|
|
$
447
|
|
$
19,497
|
|
$
888
|
|
$
20,385
|
|
Marine
Systems
|
|
30,318
|
|
13,410
|
|
43,728
|
|
3,238
|
|
46,966
|
|
Combat
Systems
|
|
14,349
|
|
718
|
|
15,067
|
|
6,196
|
|
21,263
|
|
Technologies
|
|
9,732
|
|
3,333
|
|
13,065
|
|
27,639
|
|
40,704
|
|
Total
|
|
$
73,449
|
|
$
17,908
|
|
$
91,357
|
|
$
37,961
|
|
$
129,318
|
|
|
|
|
|
|
|
|
|
|
|
|
* The estimated
potential contract value includes work awarded on unfunded
indefinite delivery, indefinite quantity (IDIQ) contracts and
unexercised options associated
with
existing firm contracts, including options and other agreements
with existing customers to purchase new aircraft and aircraft
services. We recognize options in
backlog
when the customer exercises the option and establishes a firm
order. For IDIQ contracts, we evaluate the amount of funding we
expect to receive and include this
amount in
our estimated potential contract value. The actual amount of
funding received in the future may be higher or lower than our
estimate of potential contract value.
|
|
EXHIBIT
H-1
|
|
BACKLOG -
(UNAUDITED)
|
|
DOLLARS IN
MILLIONS
|
https://mma.prnewswire.com/media/2467407/H_1.jpg
|
EXHIBIT
H-2
|
|
BACKLOG BY SEGMENT -
(UNAUDITED)
|
|
DOLLARS IN
MILLIONS
|
https://mma.prnewswire.com/media/2467406/H_2.jpg
|
EXHIBIT
I
|
|
SECOND QUARTER 2024 SIGNIFICANT ORDERS
- (UNAUDITED)
|
|
DOLLARS IN
MILLIONS
|
We received the following significant contract awards during the
second quarter of 2024:
Marine Systems:
- $205 from the U.S. Navy for
planning yard services for the Arleigh Burke-class (DDG-51)
guided-missile destroyer program. The contract including options
has a maximum potential value of $1.1
billion.
- $55 from the Navy to support
non-nuclear maintenance on submarines based at the New England
Naval Submarine Support Facility.
- $55 from the Navy for maintenance
and modernization on the USS James E. Williams, a DDG-51
guided-missile destroyer.
- $35 for design and engineering
services in support of U.S. and U.K. submarine technologies for the
Navy.
- $35 for advanced nuclear plant
studies (ANPS) in support of the Columbia-class submarine program
for the Navy.
Combat Systems:
- Two contracts from the Canadian government for the Logistics
Vehicle Modernization (LVM) program to provide a new fleet of light
and heavy armored vehicles and logistics support services for the
Canadian army. These contracts including options have a maximum
potential value of $1.9 billion. The
scope of work is shared with an industry partner.
- $25 from the U.S. Army for
systems technical support on the Stryker fleet. The contract has a
maximum potential value of $535.
- $385 for various munitions and
ordnance. These contracts including options have a maximum
potential value of $460.
- $390 from the Army primarily to
establish additional capacity for artillery propellant.
- $375 from the Army to upgrade
Stryker vehicles to the double-V-hull A1 configuration.
- $325 from the Army for the third
phase of the low-rate initial production (LRIP) of the M10 Booker
Combat Vehicle.
- $230 from the Army to upgrade
Abrams main battle tanks to the system enhancement package version
3 (SEPv3) configuration.
- $120 from the Army to provide
system and sustainment technical support services for Abrams main
battle tanks.
Technologies:
- $530 for several key contracts
for classified customers. These contracts have a maximum potential
value of $665.
- $205 from the North Carolina
Department of Health and Human Services to operate its Medicaid
Management Information System. The contract including options has a
maximum potential value of $525.
- $50 from the Centers for Medicare
and Medicaid Services (CMS) to support the Benefits Coordination
& Recovery Center. The contract including options has a maximum
potential value of $285.
- $55 to provide information
technology (IT) network operations and maintenance services to the
Army. The contract including options has a maximum potential value
of $200.
- $185 from CMS to provide cloud
services and software tools.
- $30 to provide cybersecurity
services to the U.S. Air Force. The contract including options has
a maximum potential value of $185.
- $145 to provide ship
modernization services for the Navy.
- $10 to integrate hardware and
software solutions for Navy platforms. The contract including
options has a maximum potential value of $110.
|
EXHIBIT
J
|
|
|
|
|
|
|
|
|
|
|
AEROSPACE
SUPPLEMENTAL DATA - (UNAUDITED)
|
|
DOLLARS IN
MILLIONS
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
Six
Months
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Gulfstream Aircraft Deliveries
(units):
|
|
|
|
|
|
|
|
|
|
Large-cabin
aircraft
|
|
31
|
|
18
|
|
52
|
|
35
|
|
Mid-cabin
aircraft
|
|
6
|
|
6
|
|
9
|
|
10
|
|
Total
|
|
37
|
|
24
|
|
61
|
|
45
|
|
|
|
|
|
|
|
|
|
|
Aerospace Book-to-Bill:
|
|
|
|
|
|
|
|
|
|
Orders*
|
|
$
2,673
|
|
$
2,476
|
|
$
5,099
|
|
$
4,203
|
|
Revenue
|
|
2,940
|
|
1,953
|
|
5,024
|
|
3,845
|
|
Book-to-Bill
Ratio
|
|
0.9x
|
|
1.3x
|
|
1.0x
|
|
1.1x
|
|
|
|
|
|
|
|
|
|
|
* Does not
include customer defaults, liquidated damages, cancellations,
foreign exchange fluctuations and other backlog
adjustments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE General Dynamics