The earnings call reflected strong revenue growth across most segments, particularly Aerospace and Marine Systems. However, challenges in G700 deliveries and supply chain issues in Marine Systems posed significant concerns. Overall, while growth was evident, operational challenges created a mixed outlook.

Company Guidance

In the third quarter of 2024, General Dynamics provided detailed guidance on key metrics, highlighting robust financial performance across several segments despite some challenges. The company reported earnings of $3.35 per diluted share on revenue of $11.67 billion, with operating earnings reaching $1.18 billion and net income of $930 million. This represented a notable 10.4% year-over-year revenue increase, driven by a 22% increase in the Aerospace segment and a 20% rise in Marine Systems. Year-to-date, revenue was $34.4 billion, up 12.3%, with operating earnings climbing 14.1% to $3.37 billion. However, challenges in delivering the G700 aircraft impacted earnings per share, as only four were delivered against expectations. The company expects to deliver 42 G700s for the year, with a significant 27 anticipated in the fourth quarter. Despite these hurdles, the Aerospace segment achieved a 22% revenue increase with an operating margin of 12.3%. The Combat Systems segment maintained steady revenue at $2.2 billion with earnings up 8.3%, while Marine Systems' revenue surged 20% to $3.6 billion. The Technologies segment also showed strong performance with a 2% revenue increase and a 3.5% rise in operating earnings. The company anticipates total annual revenue of around $48 billion with a 10.3% margin, providing EPS guidance of approximately $14 per share.

Revenue Growth

General Dynamics reported a 10.4% increase in revenue to $11.67 billion, driven by strong performance in the Aerospace (22% increase) and Marine Systems (20% increase) segments.

Strong Aerospace Performance

Aerospace revenue increased by 22% year-over-year, despite challenges with G700 deliveries, indicating robust demand and operational strength.

Marine Systems Growth

Marine Systems reported a 20% increase in revenue, driven by Columbia class and Virginia class volumes, continuing a trend of impressive growth.

Combat Systems Order Activity

Combat Systems achieved a book-to-bill ratio of 1.5:1, with significant orders in munitions and defense vehicles, reflecting strong demand.

Backlog and Cash Performance

The company ended the quarter with a backlog of $92.6 billion and a record total estimated contract value of $137.6 billion. Operating cash flow was $1.4 billion, with free cash flow at $1.2 billion.

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General Dynamics (GD) Earnings, Revenues Date & History

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GD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 22, 2025	2024 (Q4)	4.33 / -	3.64	―	―	―
Oct 23, 2024	2024 (Q3)	3.49 / 3.35	3.04	10.20% (+0.31)
Jul 24, 2024	2024 (Q2)	3.28 / 3.26	2.7	20.74% (+0.56)
Apr 24, 2024	2024 (Q1)	2.91 / 2.88	2.64	9.09% (+0.24)
Jan 24, 2024	2023 (Q4)	3.68 / 3.64	3.58	1.68% (+0.06)
Oct 25, 2023	2023 (Q3)	2.91 / 3.04	3.26	-6.75% (-0.22)
Jul 26, 2023	2023 (Q2)	2.56 / 2.70	2.75	-1.82% (-0.05)
Apr 26, 2023	2023 (Q1)	2.59 / 2.64	2.61	1.15% (+0.03)
Jan 25, 2023	2022 (Q4)	3.54 / 3.58	3.39	5.60% (+0.19)
Oct 26, 2022	2022 (Q3)	3.15 / 3.26	3.07	6.19% (+0.19)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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GD Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 23, 2024	$305.99	$304.40	-0.52%
Jul 24, 2024	$293.05	$283.30	-3.33%
Apr 24, 2024	$289.86	$278.37	-3.96%
Jan 24, 2024	$245.73	$257.36	+4.73%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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