General Dynamics nets $3.5B in 2019

GENERAL DYNAMICS Electric Boat plans to double its workforce by 2030, including 1,500 jobs at Quonset Business Park by 2024. / COURTESY GENERAL DYNAMICS ELECTRIC BOAT

NORTH KINGSTOWN – General Dynamics Corp. reported a $3.5 billion profit in 2019, a 4.2% increase year over year, the company reported on Wednesday.

Earnings per diluted share were $11.98 for the year, compared with $11.18 one year prior.

Revenue was $39.4 billion, an 8.7% increase year over year.

The company’s Marine System’s segment, which includes Electric Boat, reported $9.2 billion in revenue, an 8% increase year over year. The profit for the segment was $785 million, a 3.2% increase year over year.

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“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, General Dynamics chairman and CEO. “Our fourth-quarter and full-year performance, coupled with strong order intake, leaves us well positioned to create enduring value.”

The company noted that in the fourth quarter, its Marine Systems segment received a $22.2 billion contract from the Navy for the construction of nine Block V Virginia-class submarines, with the possibility of a 10th sub. The company also highlighted a $435 million contract from the Navy to provide design and development activities for Virginia-class submarines.

For the fourth quarter, GD reported a $1 billion profit, a 12.2% increase year over year. Revenue for the quarter increased 3.8% year over year to $10.8 billion.

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