FALLS CHURCH, Va., June 20, 2019 – General Dynamics (GD) recently stated first-quarter 2019 revenue of $9.30B, up 22.9 percent year-over-year, with net earnings of $745.0M. Diluted earnings per share were $2.56.
Backlog:
General Dynamics’ total backlog at the end of first-quarter 2019 was $69.20B, up 11.4 percent year-over-year. Estimated potential contract value, representing management’s estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $33.90B. Total potential contract value, the sum of all backlog components, was $103.20B, up 17.7 percent year-over-year.
Order activity remained strong across both the aerospace and defense portfolios. Aerospace booked more than $3.10B in orders in the quarter. Noteworthy awards in defense portfolios in the quarter included $2.0B from the U.S. Navy for long-lead materials for Block V Virginia-class submarines, $580.0M for services to classified customers, contracts totaling $510.0M from the Navy for maintenance and repair of ships and a Virginia-class submarine, a blanket purchase agreement of $490.0M from the Defense Information Systems Agency to operate Pentagon and government-furnished network infrastructures, contracts totaling $435.0M to support the U.S. Army’s Stryker armored fighting vehicle and Abrams tank programs, contracts totaling $160.0M to produce munitions for the U.S. Army, $125.0M to provide helicopter training and simulation services to the Army and $115.0M for computing and communications equipment under the Army’s Common Hardware Systems-5 program.
Capital Deployment:
The Company repurchased 525.0K of its outstanding shares in the first quarter. In March, the board of directors increased the company’s quarterly dividend to $1.02 per share. This 9.7 percent increase marked the company’s 22nd successive annual dividend increase.