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October 28, 2021

General Dynamics reports 3.1% increase in Q3 net earnings

General Dynamics’ net earnings in Q3 2021 totalled $860m.

US-based defence contractor General Dynamics (GD) has reported a 3.1% increase in net earnings in the third quarter of 2021.

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The company’s net earnings totalled $860m in the three-month period that ended on 3 October 2021. In Q3 2020, the figure was $834m.

Diluted earnings per share (EPS) was $3.07, up 5.9% from $2.90 reported in the year-ago quarter.

GD’s quarterly revenues also recorded growth, increasing by 1.5% year-on-year to $9.57bn.

At the end of Q3 2021, the company’s order backlog stood at $88.1bn, an increase of 8.1% from the prior-year quarter.

Among its four business segments, Aerospace and Marine Systems reported a 4.6% and 9.6% increase in quarterly revenues to $2.06bn and $2.64bn respectively.

Orders in the Aerospace segment were also strong with backlog jumping by 22.8% on a year-on-year basis to $14.7bn.

Meanwhile, revenues at the other two units, Combat Systems and Technologies, fell by 3.1% and 4% respectively.

GD chairman and CEO Phebe Novakovic said: “The company delivered solid third-quarter results, generating very strong cash flow and attractive margins.

“We continue to focus on delivering solid programme performance and ensuring the well-being of our people, who are rising above the challenges of the pandemic to support our customers.”

Some of the key defence contracts received by GD in the quarter include a $475m US Navy order to provide ongoing lead yard services for the Columbia-class submarine programme.

The company also won a $195m order from the US Navy for engineering, technical, design and planning yard support services for operational strategic and attack submarines and a $165m order to deliver munitions, ordnance and missile subcomponents for the US Army among others.

In the second quarter of the year, GD recorded a 17.9% jump in net earnings.

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