Home Economy Economic Activity General Dynamics posts $930M profit in Q3

General Dynamics posts $930M profit in Q3

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10/23/2024

GENERAL DYNAMICS Corp. posted an $930 million profit in the third quarter of 2023, an 11.2% increase year over year. / COURTESY GENERAL DYNAMICS ELECTRIC BOAT

PROVIDENCE – General Dynamics Corp. posted a $930 million profit in the third quarter of 2024, an 11.2% increase year over year, the aerospace and defense company said Wednesday. Earnings per diluted share were $3.35 for the quarter compared with $3.04 one year prior. The results missed Wall Street expectations. The average estimate of nine

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PROVIDENCE – General Dynamics Corp. posted a $930 million profit in the third quarter of 2024, an 11.2% increase year over year, the aerospace and defense company said Wednesday. Earnings per diluted share were $3.35 for the quarter compared with $3.04 one year prior. The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.54 per share. General Dynamics, which operates the subsidiary General Dynamics Electric Boat and has submarine-building facilities in North Kingstown and Groton, Conn., posted revenue of $11.67 billion compared with $10.57 billion in the third quarter of 2023. This also missed Wall Street forecasts. Seven analysts surveyed by Zacks Investment Research expected $11.72 billion. “The company continues to see strong growth and steady improvement in operating performance,” said Phebe Novakovic, General Dynamics CEO and chairman. “Demand across the portfolio also remains strong in the current environment.” The aerospace backlog dipped from $20.1 billion in the quarter to $19.8 million, down 1.5%.

The company’s marine systems segment includes General Dynamics Electric Boat. Revenue from the entire marine systems segment was $3.6 billion for the quarter, a 19.9% increase year over year. Segment operating earnings were $258 million, a 22.3% increase year over year.
The company’s aerospace segment reported $2.5 billion in revenue for the quarter, a 22.1% increase year over year. Segment operating earnings increased 13.8% year over year to $305 million.

Combat-systems segment revenue stayed the same at $2.2 billion. Segment operating earnings increased 8.3% year over year to $325 million.

General Dynamics Electric Boat is the prime contractor and lead design yard for the Virginia-class fast-attack nuclear submarine. The company constructs the submarines in a teaming arrangement with Huntington Ingalls Industries Inc.’s Newport News Shipbuilding in Virginia. Some of the construction work occurs at Electric Boat’s Quonset Point facility in North Kingstown, where the company employs more than 5,000 people.