PROVIDENCE – General Dynamics Corp. earned a profit of $3.2 billion in 2020, a 9.1% decline year over year, the company reported Wednesday.
Earnings per diluted share were $11 for the year, compared with $11.98 one year prior.
Company revenue totaled $37.9 billion, a 3.6% decline year over year.
The company’s marine systems segment, which includes General Dynamics Electric Boat, reported $10 billion in revenue, an increase of 8.7% year over year. Operating earnings for the segment was $854 million in 2020, a 8.5% increase year over year. Electric Boat has a significant operation in North Kingstown.
“Our continued focus on operating performance and on protecting the health and safety of our employees contributed to strong sequential improvements in earnings, margin and cash flow,” said Phebe N. Novakovic, CEO and chairman. “Our defense segments continued to capture significant awards, leading to a record-high backlog, while our aerospace segment not only remained very profitable, but actually improved its margins throughout the year, even as the broader business aviation industry contracted severely due to the pandemic.”
The company reported a $1.3 billion profit in the fourth quarter of 2020, a decline of 1.1% year over year. Revenue totaled $10.5 billion, a decline of 2.7% from the fourth quarter of 2019. The company noted that among its significant contract awards in the quarter was a $9.5 billion contract from the U.S. Navy for construction of the first two Columbia-class submarines, as well as associated design and engineering support.
