Receive our newsletter – data, insights and analysis delivered to you
  1. News
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.

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.

Content from our partners
Small but mighty: How TSX attenuators benefit defence and space industries
Stopping power
Army Technology Excellence Awards 2021 - Winners Announced!

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.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The defence industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy