NEW YORK - General Dynamics (NYSE:GD) reported third-quarter 2024 results that showed strong revenue growth but fell short of earnings expectations. The aerospace and defense company saw its revenue rise 10.4% YoY to $11.7 billion, slightly above analyst estimates of $11.69 billion.
Diluted earnings per share (EPS) came in at $3.35, up 10.2% from the year-ago quarter but missing the analyst consensus of $3.50 by $0.15. Operating earnings increased 11.7% to $1.2 billion, with operating margin expanding 10 basis points to 10.1%.
"The company continues to see strong growth and steady improvement in operating performance," said Phebe Novakovic, chairman and chief executive officer. "Demand across the portfolio also remains strong in the current environment."
Gulfstream, the company's business jet division, delivered 28 aircraft in the quarter, including 24 large-cabin aircraft and four G700s. This compares to 27 aircraft delivered in the same quarter last year.
General Dynamics reported a book-to-bill ratio of 1.1-to-1 for the quarter, indicating strong order intake. The company's total backlog stood at $92.6 billion, with an additional $45 billion in estimated potential contract value.
The Aerospace segment received orders totaling $2.4 billion, while the defense segments saw orders of $10.5 billion. Significant defense contracts included $885 million for munitions and ordnance, $465 million for artillery projectile metal parts, and $780 million for fleet replenishment oilers.
During the quarter, General Dynamics generated $1.4 billion in operating cash flow, paid $390 million in dividends, and repurchased $44 million worth of shares. The company ended the period with $2.1 billion in cash and equivalents on hand.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.