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July 28, 2022

General Dynamics reports $766m net earnings in Q2 2022

The company’s diluted earnings per share stood at $2.75, up 5.4% year-over-year from the same quarter a year ago.

Aerospace and defence company General Dynamics (GD) has reported net earnings of $766m in the second quarter (Q2) of 2022.  

This is a 3.9% increase from the $737m reported in the same quarter a year ago.

In the three-month period that ended on 3 July 2022, GD’s diluted earnings per share (EPS) stood at $2.75, up 5.4% from Q2 of 2021.

Despite this, the company’s quarterly revenues totalled $9.189bn, compared to the previous year’s $9.220bn. 

While GD reported a company-wide backlog of $87.6bn, the total estimated contract value and the sum of all backlog components was $126.4bn at end of Q2.

The company’s business segments Aerospace, and Marine Systems reported quarterly revenues of $1,867m and $2,651m, up 15.1% and 4.5%, respectively.

According to GD, orders remained strong in the Aerospace business and were “driven by strong order activity for Gulfstream aircraft”.

On the other hand, the revenues of the Combat Systems, and Technologies units of GD dropped to $1.666bn and $3.005bn, respectively, compared to the previous year’s quarter. 

GD chairman and chief executive officer Phebe Novakovic said: “Demand in the quarter was very strong in Aerospace, with margins showing steady improvement year over year.

“Our defence segments demonstrated solid operating performance and had several important wins.”

Major contracts awarded to the company in the second quarter of 2022 include a $410m US Army contract to commence low-rate initial production of mobile protected firepower vehicles.

The company also secured a $525m contract from the Army to upgrade Stryker vehicles, as well as a US Navy contract, worth $500m, for long-lead materials to support the construction of two John Lewis-class (T-AO-205) fleet replenishment oilers.

Last month, General Dynamics announced that the US Army had selected its mobile protected firepower (MPF) offering.

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