Wed, Jul 24, 3:10 PM (45 days ago)
General Dynamics Corporation reported a strong Q2 2024 performance with revenue up 18.0% YoY to $11.976 billion. Operating earnings increased by 20.2% to $1.156 billion, with an operating margin of 9.7%. The Aerospace segment saw a significant 50.5% revenue increase due to higher aircraft deliveries, including initial G700 deliveries. Marine Systems and Combat Systems also posted double-digit revenue growth driven by increased volume on major U.S. Navy and Army programs. Technologies segment revenue rose modestly by 2.5%, supported by IT services and C5ISR solutions. Net earnings for the quarter were $905 million, up from $744 million YoY, with basic and diluted EPS increasing to $3.30 and $3.26, respectively. Cash flow from operations was $536 million, impacted by working capital changes, particularly in the Aerospace segment. The company maintained a strong balance sheet with $1.4 billion in cash and equivalents. General Dynamics expects full-year 2024 revenue to reach approximately $48.8 billion with stable operating margins. The backlog stood at $91.3 billion, supported by strong orders across all segments. The company continues to focus on operational efficiency and cost control to drive future growth.