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July 29, 2021

General Dynamics posts 17.9% increase in quarterly net earnings

The US-based aerospace and defence company reported net earnings of $737m and revenue of $9.2bn in Q2 2021.

General Dynamics (GD) has reported a 17.9% jump in net earnings for the second quarter of 2021 driven by increased sales in Combat and Technologies units.

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In the three-month period that ended on 4 July 2021, the company’s net earnings amounted to $737m. The figure was $625m a year ago in the same quarter.

Diluted earnings per share (EPS) were $2.61, up 19.7% compared to $2.18 in the same period of the prior year.

The company’s revenue remained largely stable on a year-on-year basis, dropping 0.5% to $9.22bn in Q2 2021.

The order backlog increased nearly 8% to $89.2bn at the end of the second quarter.

GD’s all business segments reported an increase in revenue except for the Aerospace unit.

The Aerospace unit reported a 17.8% drop in quarterly revenue from $1.97bn in Q2 2020 to $1.62bn in Q2 2021.

The other three businesses, namely Marine Systems, Combat Systems and Technologies, recorded single-digit growth.

Combat Systems’ revenue stood at $1.89bn, an increase of 8.3% from $1.75bn a year ago.

The quarterly revenues of Marine Systems and Technologies were $2.54bn and $3.16bn, up 2.6% and 3.2% respectively.

GD chairman and CEO Phebe Novakovic said: “Emerging from the pandemic, we remain focused on operating discipline and wise deployment of capital.”

Some of the key defence contracts that the US-based company secured in the quarter include a $135m order from the US Navy to provide ongoing lead yard services for the Virginia-class submarine programme.

The US Army placed a $620m contract with GD for upgrading Stryker vehicles to the double-V-hull A1 configuration.

GD also secured a $435m contract from the army to produce Stryker Initial Maneuver Short-Range Air Defense (IM-SHORAD) vehicles.

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