• Fourth-quarter net earnings of $1.1 billion, diluted EPS of $4.15, on $13.3 billion in revenue
  • Full-year net earnings of $3.8 billion, diluted EPS of $13.63, on $47.7 billion in revenue
  • $2.2 billion net cash provided by operating activities in the quarter, 188% of net earnings
  • Ended the year with $90.6 billion in backlog

RESTON, Va.Jan. 29, 2025 /PRNewswire/ — General Dynamics (NYSE: GD) today reported quarterly net earnings of $1.1 billion, up 14.2% from the year-ago quarter, on revenue of $13.3 billion, up 14.3% over the year-ago quarter. Diluted earnings per share (EPS) was $4.15, up 14% from the year-ago quarter.

For the full year, net earnings were $3.8 billion, up 14.1% from 2023, on revenue of $47.7 billion, up 12.9% from 2023. Diluted EPS for the full year was $13.63, up 13.4% from 2023.

“We had a solid fourth quarter, capping off a year that saw steady growth in revenue and earnings across all four segments,” said Phebe N. Novakovic, chairman and chief executive officer. “Order activity continued to be very strong, with 1-to-1 book-to-bill for the year, even as revenue grew by 13%, positioning us well for continued growth.”

Gulfstream delivered 47 aircraft in the quarter, of which 42 were large-cabin aircraft. The company delivered a total of 136 aircraft during the year, of which 118 were large-cabin aircraft.

Cash
Net cash provided by operating activities in the quarter totaled $2.2 billion, or 188% of net earnings. For the year, net cash provided by operating activities totaled $4.1 billion, or 109% of net earnings.

During the year, the company invested $916 million in capital expenditures, made tax payments of $560 million, repaid fixed-rate notes of $500 million, and returned $3 billion to shareholders through dividends and share repurchases, ending 2024 with $1.7 billion in cash and equivalents on hand.

Backlog
Orders remained strong across the company with a consolidated book-to-bill ratio, defined as orders divided by revenue, of 0.9-to-1 for the quarter and 1-to-1 for the year. The company ended the year with backlog of $90.6 billion and estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, of $53.4 billion. Total estimated contract value, the sum of all backlog components, was $144 billion at year end, up 9.1% from a year earlier.

In the Aerospace segment, orders in the quarter totaled $3.8 billion. Backlog at the end of the year was $19.7 billion. Aerospace book-to-bill was 1-to-1 for the quarter and the year.

In the three defense segments, significant awards in the quarter include a U.S. Air Force contract with maximum potential value of $5.6 billion to modernize, integrate and operate the Department of Defense’s Mission Partner Environments (MPEs); a U.S. Space Force contract with maximum potential value of $2.2 billion to provide sustainment services for the Mobile User Objective System (MUOS) satellite communications system; $1.9 billion from the U.S. Navy for multiple contracts to provide services, materials and parts for Virginia-class submarines; $370 million from the U.S. Army for the production of 155mm artillery projectile metal parts; contracts for various munitions and ordnance with maximum potential value of $820 million; and several key contracts for classified customers with maximum potential value of $1.4 billion.