- Revenue of $11.7 billion, up
10.4% from year-ago quarter
- Operating earnings of $1.2
billion, up 11.7% from year-ago quarter
- Diluted EPS of $3.35, up 10.2%
from year-ago quarter
- Operating margin of 10.1%, a 10-basis-point expansion from
year-ago quarter
RESTON,
Va., Oct. 23, 2024 /PRNewswire/ -- General
Dynamics (NYSE: GD) today reported third-quarter 2024 revenue of
$11.7 billion, up 10.4% from the
third quarter of 2023. Operating earnings of $1.2 billion were up 11.7% from the year-ago
quarter. Diluted earnings per share (EPS) were $3.35, up 10.2% from the year-ago quarter.
Operating margin for the quarter was 10.1%, a 10-basis-point
expansion from the year-ago quarter.
"The company continues to see strong growth and steady
improvement in operating performance," said Phebe Novakovic, chairman and chief executive
officer. "Demand across the portfolio also remains strong in the
current environment."
Gulfstream delivered 28 aircraft in the quarter, of which 24
were large-cabin aircraft, including four G700s. This compares with
27 aircraft delivered in the year-ago quarter, of which 22 were
large cabin.
Cash and Capital Deployment
Net cash provided by
operating activities in the quarter was $1.4
billion, or 152% of net earnings. During the quarter, the
company paid $390 million in
dividends, invested $201 million in
capital expenditures, and used $44
million to repurchase shares, ending the quarter with
$2.1 billion in cash and equivalents
on hand.
Orders and Backlog
The consolidated book-to-bill
ratio, defined as orders divided by revenue, was 1.1-to-1 for the
quarter. Company-wide backlog was $92.6
billion. Estimated potential contract value, representing
management's estimate of additional value in unfunded indefinite
delivery, indefinite quantity (IDIQ) contracts and unexercised
options, was $45 billion. Total
estimated contract value, the sum of all backlog components, was
$137.6 billion.
In the Aerospace segment, orders in the quarter totaled
$2.4 billion. The segment ended the
quarter with backlog of $19.8
billion.
In the defense segments, orders in the quarter totaled
$10.5 billion, with particular
strength in the Combat Systems and Technologies segments.
Significant awards in the defense segments included $885 million for various munitions and ordnance,
with maximum potential value of $1.7
billion; $465 million, with
maximum potential value of $1.7
billion, for two U.S. Army contracts for production of 155mm
artillery projectile metal parts; $780
million, with maximum potential contract value of more than
$6.7 billion including options, for
the construction of additional John
Lewis-class (T-AO-205) fleet replenishment oilers;
$1.5 billion for long-lead materials
for Block VI Virginia-class submarines; $840
million, with maximum potential value of $1 billion, for several key contracts for
classified customers; and $605
million for multiple awards from the U.S. Space Development
Agency to develop and integrate ground systems for the low-Earth
orbit satellite network. 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
third-quarter 2024 financial results conference call at 9 a.m. EDT
on Wednesday, October 23, 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
October 30, 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
|
|
|
September 29,
2024
|
|
October 1,
2023
|
|
$
|
|
|
%
|
|
|
Revenue
|
|
$
11,671
|
|
$
10,571
|
|
$ 1,100
|
|
|
|
10.4 %
|
|
Operating costs and
expenses
|
|
(10,490)
|
|
(9,514)
|
|
(976)
|
|
|
|
|
|
|
Operating
earnings
|
|
1,181
|
|
1,057
|
|
124
|
|
|
|
11.7 %
|
|
Other, net
|
|
15
|
|
19
|
|
(4)
|
|
|
|
|
|
|
Interest,
net
|
|
(82)
|
|
(85)
|
|
3
|
|
|
|
|
|
|
Earnings before income
tax
|
|
1,114
|
|
991
|
|
123
|
|
|
|
12.4 %
|
|
Provision for income
tax, net
|
|
(184)
|
|
(155)
|
|
(29)
|
|
|
|
|
|
|
Net earnings
|
|
$
930
|
|
$
836
|
|
$
94
|
|
|
|
11.2 %
|
|
Earnings per
share—basic
|
|
$
3.39
|
|
$
3.07
|
|
$
0.32
|
|
|
|
10.4 %
|
|
Basic weighted average
shares outstanding
|
|
274.4
|
|
272.6
|
|
|
|
|
|
|
|
|
Earnings per
share—diluted
|
|
$
3.35
|
|
$
3.04
|
|
$
0.31
|
|
|
|
10.2 %
|
|
Diluted weighted
average shares outstanding
|
|
277.9
|
|
274.7
|
|
|
|
EXHIBIT
B
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
|
|
|
|
|
Nine Months
Ended
|
|
Variance
|
|
|
|
September 29,
2024
|
|
October 1,
2023
|
|
$
|
|
|
%
|
|
|
Revenue
|
|
$
34,378
|
|
$
30,604
|
|
$ 3,774
|
|
|
|
12.3 %
|
|
Operating costs and
expenses
|
|
(31,005)
|
|
(27,647)
|
|
(3,358)
|
|
|
|
|
|
|
Operating
earnings
|
|
3,373
|
|
2,957
|
|
416
|
|
|
|
14.1 %
|
|
Other, net
|
|
47
|
|
65
|
|
(18)
|
|
|
|
|
|
|
Interest,
net
|
|
(248)
|
|
(265)
|
|
17
|
|
|
|
|
|
|
Earnings before income
tax
|
|
3,172
|
|
2,757
|
|
415
|
|
|
|
15.1 %
|
|
Provision for income
tax, net
|
|
(538)
|
|
(447)
|
|
(91)
|
|
|
|
|
|
|
Net earnings
|
|
$
2,634
|
|
$
2,310
|
|
$
324
|
|
|
|
14.0 %
|
|
Earnings per
share—basic
|
|
$
9.61
|
|
$
8.45
|
|
$
1.16
|
|
|
|
13.7 %
|
|
Basic weighted average
shares outstanding
|
|
274.0
|
|
273.2
|
|
|
|
|
|
|
|
|
Earnings per
share—diluted
|
|
$
9.49
|
|
$
8.39
|
|
$
1.10
|
|
|
|
13.1 %
|
|
Diluted weighted
average shares outstanding
|
|
277.5
|
|
275.4
|
|
|
|
|
|
|
|
|
EXHIBIT
C
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
September 29,
2024
|
|
October 1,
2023
|
|
$
|
|
|
%
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
|
|
|
|
|
|
|
$
2,482
|
|
$
2,032
|
|
$
450
|
|
|
|
22.1 %
|
|
Marine
Systems
|
|
|
|
|
|
|
|
|
3,599
|
|
3,002
|
|
597
|
|
|
|
19.9 %
|
|
Combat
Systems
|
|
|
|
|
|
|
|
|
2,212
|
|
2,224
|
|
(12)
|
|
|
|
(0.5) %
|
|
Technologies
|
|
|
|
|
|
|
|
|
3,378
|
|
3,313
|
|
65
|
|
|
|
2.0 %
|
|
Total
|
|
|
|
|
|
|
|
|
$
11,671
|
|
$
10,571
|
|
$
1,100
|
|
|
|
10.4 %
|
|
Operating
earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
|
|
|
|
|
|
|
$
305
|
|
$
268
|
|
$
37
|
|
|
|
13.8 %
|
|
Marine
Systems
|
|
|
|
|
|
|
|
|
258
|
|
211
|
|
47
|
|
|
|
22.3 %
|
|
Combat
Systems
|
|
|
|
|
|
|
|
|
325
|
|
300
|
|
25
|
|
|
|
8.3 %
|
|
Technologies
|
|
|
|
|
|
|
|
|
326
|
|
315
|
|
11
|
|
|
|
3.5 %
|
|
Corporate
|
|
|
|
|
|
|
|
|
(33)
|
|
(37)
|
|
4
|
|
|
|
10.8 %
|
|
Total
|
|
|
|
|
|
|
|
|
$
1,181
|
|
$
1,057
|
|
$
124
|
|
|
|
11.7 %
|
|
Operating
margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
|
|
|
|
|
|
|
12.3 %
|
|
13.2 %
|
|
|
|
Marine
Systems
|
|
|
|
|
|
|
|
|
7.2 %
|
|
7.0 %
|
|
|
|
Combat
Systems
|
|
|
|
|
|
|
|
|
14.7 %
|
|
13.5 %
|
|
|
|
Technologies
|
|
|
|
|
|
|
|
|
9.7 %
|
|
9.5 %
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
10.1 %
|
|
10.0 %
|
|
|
|
EXHIBIT
D
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Variance
|
|
|
|
|
|
|
|
|
September 29,
2024
|
|
October 1,
2023
|
|
$
|
|
|
%
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
|
|
|
|
|
$
7,506
|
|
$
5,877
|
|
$
1,629
|
|
|
|
27.7 %
|
|
Marine
Systems
|
|
|
|
|
|
|
10,383
|
|
9,053
|
|
1,330
|
|
|
|
14.7 %
|
|
Combat
Systems
|
|
|
|
|
|
|
6,602
|
|
5,904
|
|
698
|
|
|
|
11.8 %
|
|
Technologies
|
|
|
|
|
|
|
9,887
|
|
9,770
|
|
117
|
|
|
|
1.2 %
|
|
Total
|
|
|
|
|
|
|
$
34,378
|
|
$
30,604
|
|
$
3,774
|
|
|
|
12.3 %
|
|
Operating earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
|
|
|
|
|
$
879
|
|
$
733
|
|
$
146
|
|
|
|
19.9 %
|
|
Marine
Systems
|
|
|
|
|
|
|
735
|
|
657
|
|
78
|
|
|
|
11.9 %
|
|
Combat
Systems
|
|
|
|
|
|
|
920
|
|
796
|
|
124
|
|
|
|
15.6 %
|
|
Technologies
|
|
|
|
|
|
|
941
|
|
897
|
|
44
|
|
|
|
4.9 %
|
|
Corporate
|
|
|
|
|
|
|
(102)
|
|
(126)
|
|
24
|
|
|
|
19.0 %
|
|
Total
|
|
|
|
|
|
|
$
3,373
|
|
$
2,957
|
|
$
416
|
|
|
|
14.1 %
|
|
Operating margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
|
|
|
|
|
11.7 %
|
|
12.5 %
|
|
|
|
Marine
Systems
|
|
|
|
|
|
|
7.1 %
|
|
7.3 %
|
|
|
|
Combat
Systems
|
|
|
|
|
|
|
13.9 %
|
|
13.5 %
|
|
|
|
Technologies
|
|
|
|
|
|
|
9.5 %
|
|
9.2 %
|
|
|
|
Total
|
|
|
|
|
|
|
9.8 %
|
|
9.7 %
|
|
|
|
EXHIBIT
E
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 29,
2024
|
|
December 31,
2023
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
equivalents
|
|
|
|
|
|
|
|
|
|
|
|
$
2,101
|
|
$
1,913
|
|
Accounts
receivable
|
|
|
|
|
|
|
|
|
|
|
|
3,165
|
|
3,004
|
|
Unbilled
receivables
|
|
|
|
|
|
|
|
|
|
|
|
8,852
|
|
7,997
|
|
Inventories
|
|
|
|
|
|
|
|
|
|
|
|
10,141
|
|
8,578
|
|
Other current
assets
|
|
|
|
|
|
|
|
|
|
|
|
1,484
|
|
2,123
|
|
Total current
assets
|
|
|
|
|
|
|
|
|
|
|
|
25,743
|
|
23,615
|
|
Noncurrent
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
|
|
|
|
|
|
|
|
|
6,324
|
|
6,198
|
|
Intangible assets,
net
|
|
|
|
|
|
|
|
|
|
|
|
1,583
|
|
1,656
|
|
Goodwill
|
|
|
|
|
|
|
|
|
|
|
|
20,757
|
|
20,586
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
2,905
|
|
2,755
|
|
Total noncurrent
assets
|
|
|
|
|
|
|
|
|
|
|
|
31,569
|
|
31,195
|
|
Total
assets
|
|
|
|
|
|
|
|
|
|
|
|
$
57,312
|
|
$
54,810
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
$
2,005
|
|
$
507
|
|
Accounts
payable
|
|
|
|
|
|
|
|
|
|
|
|
3,290
|
|
3,095
|
|
Customer advances and
deposits
|
|
|
|
|
|
|
|
|
|
|
|
10,925
|
|
9,564
|
|
Other current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
3,337
|
|
3,266
|
|
Total current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
19,557
|
|
16,432
|
|
Noncurrent
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
|
|
|
|
|
|
|
|
|
7,262
|
|
8,754
|
|
Other
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
7,520
|
|
8,325
|
|
Total noncurrent
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
14,782
|
|
17,079
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
|
|
|
|
|
|
482
|
|
482
|
|
Surplus
|
|
|
|
|
|
|
|
|
|
|
|
3,997
|
|
3,760
|
|
Retained
earnings
|
|
|
|
|
|
|
|
|
|
|
|
40,730
|
|
39,270
|
|
Treasury
stock
|
|
|
|
|
|
|
|
|
|
|
|
(21,137)
|
|
(21,054)
|
|
Accumulated other
comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
(1,099)
|
|
(1,159)
|
|
Total shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
22,973
|
|
21,299
|
|
Total liabilities
and shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
$
57,312
|
|
$
54,810
|
|
EXHIBIT
F
CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
Nine Months
Ended
|
|
September 29,
2024
|
|
October 1,
2023
|
|
Cash flows from
operating activities—continuing operations:
|
|
|
|
|
Net
earnings
|
$
2,634
|
|
$
2,310
|
|
Adjustments to
reconcile net earnings to net cash from operating activities:
|
|
|
|
|
Depreciation of
property, plant and equipment
|
469
|
|
446
|
|
Amortization of
intangible and finance lease right-of-use assets
|
177
|
|
195
|
|
Equity-based
compensation expense
|
137
|
|
136
|
|
Deferred income tax
benefit
|
(107)
|
|
(158)
|
|
(Increase) decrease in
assets, net of effects of business acquisitions:
|
|
|
|
|
Accounts
receivable
|
(172)
|
|
(89)
|
|
Unbilled
receivables
|
(874)
|
|
448
|
|
Inventories
|
(1,612)
|
|
(1,904)
|
|
Increase (decrease) in
liabilities, net of effects of business acquisitions:
|
|
|
|
|
Accounts
payable
|
193
|
|
(83)
|
|
Customer advances and
deposits
|
628
|
|
2,171
|
|
Other, net
|
479
|
|
42
|
|
Net cash provided by
operating activities
|
1,952
|
|
3,514
|
|
Cash flows from
investing activities:
|
|
|
|
|
Capital
expenditures
|
(561)
|
|
(600)
|
|
Other, net
|
(27)
|
|
(8)
|
|
Net cash used by
investing activities
|
(588)
|
|
(608)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Dividends
paid
|
(1,140)
|
|
(1,068)
|
|
Purchases of common
stock
|
(183)
|
|
(434)
|
|
Repayment of
fixed-rate notes
|
—
|
|
(1,250)
|
|
Other, net
|
150
|
|
(40)
|
|
Net cash used by
financing activities
|
(1,173)
|
|
(2,792)
|
|
Net cash used by
discontinued operations
|
(3)
|
|
(4)
|
|
Net increase in cash
and equivalents
|
188
|
|
110
|
|
Cash and equivalents
at beginning of period
|
1,913
|
|
1,242
|
|
Cash and equivalents
at end of period
|
$
2,101
|
|
$
1,352
|
|
EXHIBIT
G
ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
|
|
|
Other Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
September 29,
2024
|
|
December 31,
2023
|
|
|
|
|
|
Debt-to-equity
(a)
|
|
40.3 %
|
|
43.5 %
|
|
|
|
|
|
Book value per share
(b)
|
|
$
83.55
|
|
$
77.85
|
|
|
|
|
|
Shares
outstanding
|
|
274,968,619
|
|
273,599,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Nine
Months
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Income tax payments,
net
|
|
$
173
|
|
$
167
|
|
$
125
|
|
$
493
|
|
Company-sponsored
research and development (c)
|
|
$
137
|
|
$
140
|
|
$
421
|
|
$
395
|
|
Return on sales
(d)
|
|
8.0 %
|
|
7.9 %
|
|
7.7 %
|
|
7.5 %
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measures:
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter
|
|
Nine
Months
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Free cash
flow:
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
1,416
|
|
$
1,321
|
|
$
1,952
|
|
$
3,514
|
|
Capital
expenditures
|
|
(201)
|
|
(227)
|
|
(561)
|
|
(600)
|
|
Free cash flow
(e)
|
|
$
1,215
|
|
$
1,094
|
|
$
1,391
|
|
$
2,914
|
|
|
|
|
|
|
|
|
|
|
|
September 29,
2024
|
|
December 31,
2023
|
|
|
|
|
|
Net
debt:
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
$
9,267
|
|
$
9,261
|
|
|
|
|
|
Less cash and
equivalents
|
|
2,101
|
|
1,913
|
|
|
|
|
|
Net debt
(f)
|
|
$
7,166
|
|
$
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
|
|
Third Quarter
2024:
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
18,859
|
|
$
937
|
|
$
19,796
|
|
$
254
|
|
$
20,050
|
|
Marine
Systems
|
|
29,008
|
|
11,463
|
|
40,471
|
|
9,578
|
|
50,049
|
|
Combat
Systems
|
|
17,289
|
|
682
|
|
17,971
|
|
8,016
|
|
25,987
|
|
Technologies
|
|
9,794
|
|
4,602
|
|
14,396
|
|
27,093
|
|
41,489
|
|
Total
|
|
$
74,950
|
|
$
17,684
|
|
$
92,634
|
|
$
44,941
|
|
$
137,575
|
|
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
|
|
Third Quarter
2023:
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
19,654
|
|
$
405
|
|
$
20,059
|
|
$
785
|
|
$
20,844
|
|
Marine
Systems
|
|
30,445
|
|
17,277
|
|
47,722
|
|
3,113
|
|
50,835
|
|
Combat
Systems
|
|
14,375
|
|
719
|
|
15,094
|
|
6,098
|
|
21,192
|
|
Technologies
|
|
9,833
|
|
2,852
|
|
12,685
|
|
27,302
|
|
39,987
|
|
Total
|
|
$
74,307
|
|
$
21,253
|
|
$
95,560
|
|
$
37,298
|
|
$
132,858
|
|
|
|
*
|
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/2537191/Exhibit_H_1.jpg
|
EXHIBIT
H-2
|
|
BACKLOG BY SEGMENT -
(UNAUDITED)
|
|
DOLLARS IN
MILLIONS
|
https://mma.prnewswire.com/media/2537192/Exhibit_H_2.jpg
|
EXHIBIT
I
|
|
THIRD QUARTER 2024 SIGNIFICANT ORDERS
- (UNAUDITED)
|
|
DOLLARS IN
MILLIONS
|
We received the following significant contract awards during the
third quarter of 2024:
Marine Systems:
- $780 from the U.S. Navy for the
construction of an additional John
Lewis-class (T-AO-205) fleet replenishment oiler. The
contract including options for an additional seven T-AO-205 oilers
has a maximum potential value of more than $6.7 billion.
- $1.5 billion from the Navy for
long-lead materials for Block VI Virginia-class submarines.
- $100 from the Navy to provide
engineering, technical, design and planning yard support services
for operational strategic and attack submarines.
- $85 from the Navy for maintenance
and modernization on the USS Chung-Hoon, an Arleigh Burke-class (DDG-51) guided missile
destroyer.
- $80 for advanced nuclear plant
studies (ANPS) in support of the Columbia-class submarine program
for the Navy.
Combat Systems:
- $885 for various munitions and
ordnance. These contracts have a maximum potential value of
$1.7 billion.
- $465 for two contracts from the
U.S. Army for the production of 155mm artillery projectile metal
parts. These contracts have a maximum potential value of
$1.7 billion.
- $395 from the Army for the
production of 155mm propelling bag charges.
- $190 from the Army to produce
Iron Fist Active Protection System kits.
- $180 from the Army to produce
Stryker Sgt. Stout vehicles.
- $100 from the Army for long-lead
materials to support the future retrofit of Stryker Sgt. Stout
vehicles to a dual Stinger Vehicle Universal Launcher (SVUL)
configuration.
Technologies:
- $840 for several key contracts
for classified customers. These contracts have a maximum potential
value of $1 billion.
- $605 for multiple awards from the
U.S. Space Development Agency to develop and integrate ground
systems for the low-Earth orbit satellite network.
- $105 from the U.S. Defense
Information Systems Agency (DISA) to continue operating and
maintaining Pentagon and regional government-furnished network
infrastructures. The contract including options has a maximum
potential value of $300.
- $185 from the U.S. Department of
State (DoS) to manage its global technical security supply
chain.
- $135 to provide equipment and
tools to the National Oceanic Atmospheric Administration (NOAA) to
augment its High-Performance Computing Systems.
- $130 from the National
Geospatial-Intelligence Agency (NGA) to provide hybrid cloud
services and information technology (IT) design, engineering, and
operations and sustainment services.
- $120 from the DoS to provide
overseas consular services to support visa application and issuance
at U.S. embassies and consulates throughout the world under the
Global Support Strategy (GSS) program.
|
EXHIBIT
J
AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
|
Third
Quarter
|
Nine
Months
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Gulfstream Aircraft
Deliveries (units):
|
|
|
|
|
|
|
|
|
|
Large-cabin
aircraft
|
|
24
|
|
22
|
|
76
|
|
57
|
|
Mid-cabin
aircraft
|
|
4
|
|
5
|
|
13
|
|
15
|
|
Total
|
|
28
|
|
27
|
|
89
|
|
72
|
|
|
|
|
|
|
|
|
|
|
Aerospace
Book-to-Bill:
|
|
|
|
|
|
|
|
|
|
Orders*
|
|
$
2,365
|
|
$
2,916
|
|
$
7,464
|
|
$
7,119
|
|
Revenue
|
|
2,482
|
|
2,032
|
|
7,506
|
|
5,877
|
|
Book-to-Bill
Ratio
|
|
1.0x
|
|
1.4x
|
|
1.0x
|
|
1.2x
|
|
|
* Does not
include customer defaults, liquidated damages, cancellations,
foreign exchange fluctuations and other backlog
adjustments.
|
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SOURCE General Dynamics