PROVIDENCE – General Dynamics Corp. on Wednesday reported a profit of $3.4 billion for 2022, a 4.1% increase year over year.
Earnings of $12.19 per diluted share for the full year compares to $11.55 a year ago.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
Revenue totaled $39.4 billion, a 2.4% increase year over year.
The company’s marine systems segment, which includes General Dynamics Electric Boat, reported $11 billion in revenue, a 4.9% increase year over year. The division reported operating earnings of $897 million, a 2.6% increase over the previous year.
For the fourth quarter, General Dynamics Corp. reported a profit of $992 million, a 4.2% increase year over year. Revenue for the quarter was $10.9 billion, an increase of 5.4% year over year.
The company reported earnings per diluted share for the quarter of $3.53, up 5.6% year over year.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $3.53 per share.
“We enjoyed a strong fourth quarter, capping a good 2022,” said Phebe N. Novakovic, General Dynamics chairwoman and CEO. “We had good backlog growth, with robust demand at Gulfstream. Operating performance was solid, led by excellent execution at Combat Systems. We also had another very strong cash year.”
(Material from The Associated Press was used in this report.)
