| Imagery Source: Julian Herzog |
| Information Source: General Dynamics |
- Revenue of $12.2 billion, up 13.9% from year-ago quarter
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- Diluted EPS of $3.66, up 27.1% from year-ago quarter
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- 70 basis-point margin expansion from year-ago quarter
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- Aerospace earnings up 69.4% with 210-basis-point margin expansion over year-ago quarter
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| General Dynamics (NYSE: GD) today reported first-quarter 2025 operating earnings of $1.3 billion, or $3.66 per diluted share (EPS), on revenue of $12.2 billion. Compared with the year-ago quarter, operating earnings increased 22.4%, diluted EPS increased 27.1%, and revenue increased 13.9%. Operating margin of 10.4% was a 70-basis-point expansion from the year-ago quarter. |
| Each of the four segments saw increases in revenue and operating earnings over the year-ago quarter, with notable increases in Aerospace, where revenue was up 45.2%, operating earnings up 69.4%, and margins expanded 210 basis points to 14.3%. |
| "We continue to see steady growth and improvement in operating performance across the defence portfolio," said Phebe Novakovic, chairman and chief executive officer "The Aerospace segment saw a significant increase in profitability, reflecting the manufacturing efficiencies associated with reaching higher levels of production on our new aircraft models." |
| Cash and Capital Deployment |
| Net cash used by operating activities in the quarter was $148 million due to the growth of working capital. During the quarter, the company paid $383 million in dividends, invested $142 million in capital expenditures, and used $600 million to repurchase shares. The company ended the quarter with $9.6 billion in total debt and $1.2 billion in cash and equivalents on hand. |
| On March 5, the General Dynamics board declared a regular quarterly dividend of $1.50 per share, a 5.6% increase over last year's dividend and the 28th consecutive annual increase. |
| Orders and Backlog |
| On a company-wide basis, orders in the quarter totalled $10.2 billion, and backlog at the end of the quarter was $88.7 billion. Estimated potential contract value, representing management's estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $52.7 billion. The total estimated contract value, the sum of all backlog components, was $141.3 billion. |
| About General Dynamics |
| Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defence company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 110,000 people worldwide and generated $47.7 billion in revenue in 2024. More information is available at www.gd.com. |
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| General Dynamics Corporation |
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