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January 27, 2022

General Dynamics reports $38.5bn in fiscal 2021 revenue

In 2021, General Dynamics reported its highest order-year for Gulfstream in more than a decade.

US-based defence contractor General Dynamics (GD) has reported its 2021 full-year revenue of $38.5bn, up 1.4% compared to last year.

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For the period ending 31 December, the company’s net earnings rose 2.8%, or $3.3bn, from last year.

Diluted earnings per share increased 5.0% to $11.55, against $11.00 last year.

The company said that net cash provided by operating activities totalled $4.3bn, or 131% of net its earnings.

During the fourth quarter, GD’s net earnings were $952m, compared to $1.0bn in the same period last year.

The company’s EPS declined 2.9% to $3.39 from last year.

Group revenue also declined 1.8% to $10.3bn, from $10.48bn in fourth quarter last year.

The company’s aerospace segment saw its backlog increase by 40% from last year, to $16.3bn.

The growth is driven by the order for Gulfstream, which is the highest it has been in more than a decade, according to GD.

GD’s marine systems, combat systems, and technologies also secured $1.1bn worth of contracts for classified customers.

The US Navy also awarded a $820m contract to provide ongoing lead yard services for the Virginia-class submarine programme.

At the end of 2021, the company’s total estimated contract value, which is the sum of all its backlog components, was $127.5bn.

General Dynamics chairman and chief executive officer Phebe Novakovic said: “Our continued focus on operating performance and protecting the health and safety of our employees contributed to strong fourth-quarter and full-year results.

“Furthermore, favourable cash flow has enabled us to continue reducing debt, returning value to shareholders and investing in future growth.”

In October last year, General Dynamics reported a 1.6% rise in IT hiring activity.

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