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Contact: Jeff A. Davis
Tel: 703 876 3483 [email protected]
January 29, 2020
General Dynamics Reports Fourth-Quarter and Full-Year 2019 Financial Results
• Fourth-quarter net earnings of $1 billion, up 12.2% • Fourth-quarter diluted EPS of $3.51, up 14.3% • Fourth-quarter operating margin of 12.3%, up 50 basis points • Full-year diluted EPS from continuing operations of $11.98, up 6.8% • Backlog grew 28.1% to record-high $86.9 billion, for book-to-bill of 1.5-to-1 for the year
RESTON, Va. – General Dynamics (NYSE: GD) today reported quarterly net earnings of $1 billion on
$10.8 billion in revenue. Full-year earnings from continuing operations were $3.5 billion on revenue of
$39.4 billion. Full-year revenue and operating earnings grew in all five segments.
Fourth-quarter’s net earnings grew 12.2% over fourth-quarter 2018. On a per share basis, diluted earnings
per share (EPS) were $3.51, a 14.3% increase over the year-ago quarter. For the year, diluted EPS from
continuing operations were $11.98, a 6.8% increase from 2018.
“We continue to improve performance and focus on lines of business that will deliver value for our
customers and sustained superior results for our shareholders,” said Phebe N. Novakovic, chairman and
chief executive officer. “Our fourth-quarter and full-year performance, coupled with strong order intake,
leaves us well positioned to create enduring value.”
SEGMENT HIGHLIGHTS
Aerospace
Aerospace revenue was $2.9 billion for the quarter, up 8.4% over the year-ago quarter, for full-year
revenue of $9.8 billion. Operating earnings were $480 million for the quarter, up 25.7% over the year-ago
quarter, and $1.5 billion for the year. Operating margin was 16.4% for the quarter, up 230 basis points over
the year-ago quarter, and 15.6% for the year. Backlog grew during the fourth quarter to $13.3 billion, up
17.4% from the end of 2018. Book-to-bill was 1.7-to-1 for the quarter and 1.2-to-1 for the year. Gulfstream
received FAA type and production certification of its G600 in the second quarter and deliveries began in
the third quarter. In the fourth quarter, Gulfstream unveiled the G700 and announced the first orders for the
new aircraft, scheduled to begin customer deliveries in 2022.
Combat Systems
Combat Systems reported fourth-quarter revenue of $2 billion, up 13.1% over the year-ago quarter, for full-
year revenue of $7 billion. Operating earnings were $284 million, up 8.8% over the year-ago quarter, for
full-year operating earnings of $996 million. Operating margin was 14.4% for the quarter and 14.2% for the
year. The segment was selected in 2019 to produce light armored vehicles for the Canadian Army. It
continues to develop new platforms to meet future customer needs, including Mobile Protected Firepower
and new variants of the Stryker.
Information Technology
Information Technology reported fourth-quarter revenue of $2 billion and $8.4 billion for the year.
Operating earnings were $172 million for the fourth quarter and $628 million for the year. Operating
margin was 8.5% for the quarter, up 40 basis points over the year-ago quarter, and 7.5% for the year. Total
backlog was $9.1 billion, up 14.7% from the end of 2018. Total estimated contract value, which includes
management’s estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and
unexercised options, was $28.1 billion, up 12.4% from the end of 2018. Book-to-bill was 1-to-1 for the
quarter and 1.1-to-1 for the year.
Mission Systems
Mission Systems reported fourth-quarter revenue of $1.3 billion, up 2.5% from the year-ago quarter, for
full-year revenue of $4.9 billion. Operating earnings were $188 million for the quarter, up 3.9% from the
year-ago quarter, and $683 million for the year. Operating margin was 14.7% for the quarter, up 20 basis
points from the year-ago quarter, and 13.8% for the year. Backlog was $5.4 billion. Book-to-bill was 1-to-1
for the year. Significant awards included a contract from the U.S. Navy to modernize ground stations for
satellite communications systems with a maximum potential value of $730 million.
Marine Systems
Marine Systems reported quarterly revenue of $2.6 billion, up 11.7% from the year-ago quarter, for full-
year revenue of $9.2 billion. Operating earnings were $199 million for the quarter and $785 million for the
year. Operating margin was 7.8% for the quarter and 8.5% for the year. The award in the fourth quarter of a
$22.2 billion contract for Virginia-class submarines expanded the segment’s backlog to $44.2 billion, up
66.1% from the end of 2018. Book-to-bill was 8.1-to-1 for the quarter and 2.9-to-1 for the year.
About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that
offers a broad portfolio of products and services in business aviation; combat vehicles, weapons systems
and munitions; IT services; C4ISR solutions; and shipbuilding and ship repair. General Dynamics employs
more than 100,000 people worldwide and generated $39.4 billion in revenue in 2019. More information is
available at www.gd.com.
Certain statements made in this press release, including any statements as to future results of operations and financial
projections, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. Forward-looking statements are based on management’s expectations, estimates,
projections and assumptions. These statements are not guarantees of future performance and involve risks and
uncertainties that are difficult to predict. Therefore, actual future results and trends may differ materially from what
is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is
contained in the company’s filings with the Securities and Exchange Commission, including, without limitation, its
Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. All forward-looking statements speak only as
of the date they were made. The company does not undertake any obligation to update or publicly release any
revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of
this press release.
WEBCAST INFORMATION: General Dynamics will webcast its fourth-quarter and full-year 2019 financial results
conference call at 9 a.m. EST on Wednesday, January 29, 2020. The webcast will be a listen-only audio event
available at www.gd.com. An on-demand replay of the webcast will be available by 12 noon on January 29 and will
continue for 12 months. To hear a recording of the conference call by telephone, please call 877-344-7529
(international: 412-317-0088); passcode 10137702. The phone replay will be available through January 29, 2020.
Charts furnished to investors and securities analysts in connection with General Dynamics’ announcement of its
financial results for the quarter and year ended December 31, 2019, are available on its website at www.gd.com.
General Dynamics intends to supplement those charts on its website after its earnings call today to include
information about 2020 guidance presented on its earnings call.
***
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