General Dynamics reports full year net earnings of $3.4bn

The company-wide backlog was $91.1bn and the total estimated contract value was $127.7bn at the end of the year.

January 26, 2023

General Dynamics produces the Stryker infantry carrier vehicle. Credit: U.S. Army/commons.wikimedia.org.

Global aerospace and defence company General Dynamics has registered $3.4bn in net earnings for the full year 2022, a 4.1% increase compared to 2021.

The company’s diluted earnings per share (EPS) was $12.19 in 2022, up 5.5% from 2021.

Revenue for the full year rose 2.4% to $39.4bn against 2021, and the operating margin was 10.7%.

In the fourth quarter, the company reported net earnings of $992m, a 4.2% increase from the same quarter a year ago.

Its EPS was up 5.6% from the same quarter in the previous year to $3.58. Revenue was $10.9bn for the quarter, up 5.4% compared to a year ago, and its operating margin was 11.3%.

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The company ended the year with a $91.1bn backlog, total estimated contract value of $127.7bn, and $1.2bn in cash and equivalents on hand.

General Dynamics’s Combat Systems segment reported 15.5% year-over-year revenue growth during the quarter to $2.18bn.

The Marine Systems and Technology segments recorded $2.97bn and $3.25bn in revenue, respectively.

Revenue for the Aerospace business in the quarter was $2.45bn.

General Dynamics chairman and chief executive officer Phebe Novakovic said: “We enjoyed a strong fourth quarter, capping a good 2022.

“We had good backlog growth, with robust demand at Gulfstream. Operating performance was solid, led by excellent execution at Combat Systems. We also had another very strong cash year.”

Last year, the company was chosen by the US Army for its mobile protected firepower (MPF) offering for the Infantry Brigade Combat Teams (IBCTs).