General Dynamics reports $3.3B profit in 2021

GENERAL DYNAMICS CORP.'S marine systems segment, which includes General Dynamics Electric Boat, reported $10 billion in revenue, an increase of 8.7% year over year. / COURTESY GENERAL DYNAMICS ELECTRIC BOAT
GENERAL DYNAMICS CORP.'S marine systems segment, which includes General Dynamics Electric Boat, reported $10.5 billion in revenue for 2021, a 5.5% increase year over year. / COURTESY GENERAL DYNAMICS ELECTRIC BOAT

PROVIDENCE – General Dynamics Corp. on Wednesday reported a profit of $3.3 billion for 2021, a 2.8% increase year over year.

Earnings per diluted share for the full year were $11.55 per share, compared to $11 a year ago.

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Revenue totaled $38.47 billion, a 1.4% increase year over year.

The Reston, Va.-based company said its defense segments collectively delivered revenue and operating earnings for the year that were the highest in the company’s history.

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The company’s marine systems segment, which includes General Dynamics Electric Boat, reported $10.5 billion in revenue, a 5.5% increase year over year. The division reported operating earnings of $874 million, a 2.3% increase over the previous year.

Electric Boat on Jan. 24 said it plans to hire 1,500 people this year at its Quonset Point facility in North Kingstown. The company now employs approximately 4,700 in Rhode Island.

For the fourth quarter, General Dynamics Corp. reported a profit of $952 million, a 5% decline year over year. Revenue for the quarter was $10.3 billion, a decline of 1.8% year over year.

While the fourth-quarter earnings topped Wall Street expectations, according to The Associated Press, revenue fell short of forecasts.

“Our continued focus on operating performance and protecting the health and safety of our employees contributed to strong fourth-quarter and full-year results,” Phebe N. Novakovic, General Dynamics chairman and CEO, said in a statement. “Furthermore, favorable cash flow has enabled us to continue reducing debt, returning value to shareholders and investing in future growth.”

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